(a) There is hereby created a Water Capital Improvement Reserve Fund to fund capital expenditures for fixed assets and infrastructure for the water facility and water distribution system of the City of Chardon.
(b) The Finance Director is hereby authorized and shall deposit into such Water Capital Improvement Reserve Fund all water tap-in fees, water revenue associated with capital expenditures, transfers as authorized by Council, any surplus of excess water revenues over expenditures within the Water Operating Fund and such other funds from time to time as may be designated by Council. (Ord. 2716. Passed 3-8-12.)
(c) This fund shall continue as long as necessary to meet the fixed asset and infrastructure needs within the Water Department of the City. The need for the Water Capital Improvement Reserve Fund shall be evaluated annually in the five-year capital improvement plan, which shall include projections of revenues, expenditures and ending balances in the Water Capital Improvement Reserve Fund. (Ord. 3111. Passed 2-13-20.)