(A) A reserve fund called the Wastewater Facilities Replacement Fund is hereby established within the Wastewater Utility Fund for the purpose of providing sufficient funds to be expended for obtaining and installing equipment, accessories and appurtenances during the useful life (approximately 20 years) of the wastewater treatment facilities necessary to maintain the capacity and performance for which such facilities are designed and during the useful life of the wastewater treatment facilities.
(B) The Wastewater Facilities Replacement Fund will also be used to provide some funding for major upgrades and/or replacement of the wastewater treatment plant (approximately 30 to 40 years from last major upgrade or replacement).
(Prior Code, § 4.10.060) (Ord. 1, passed 1-17-1980; Ord. 21, passed 12-19-1983; Ord. 2021-10, passed 12-20-2021)