(A) A reserve is hereby established, to be maintained by the Finance Department and separately maintained from the other Water and Wastewater Fund, to be designated the Water/Wastewater Rate Mitigation and Capital Improvement Trust Reserve (the Reserve).
(B) The Water/Wastewater Rate Mitigation and Capital Improvement Reserve shall be accounted for in the Water and Wastewater Fund.
(C) Contributions may vary from year to year when the Water and Wastewater Fund has produced a surplus after payment of all operation and maintenance expenses, debt service, and required contributions to reserves, if any. Contributions shall be added to such Fund per the above criteria.
(D) At the option of the City Council, other sources of surplus finds, if available, may be used to contribute to the Fund.
(E) Nothing in this section shall be construed to mean that any contribution to the Fund is mandatory, but such will be solely at the discretion of the City Council.
(Ord. 8-2002-53, passed 8-13-02)