The sum of money designated annually for replacement costs as established by the rules and regulations of the Director of Public Service and/or the U.S. EPA, the Ohio EPA or other applicable regulatory agency, shall be deposited in a replacement account to be used or accumulated for obtaining repair parts, replacing equipment, accessories or appurtenances during the useful life of the treatment works and collection system, which are necessary to maintain or regain the capacity and performance for which such equipment and works were designed and constructed. (Ord. 142-2001. Passed 7-16-01; Ord. 79-2008. Passed 6-2-08.)