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Effective January 1, 1976, there shall be transferred semi-annually, on June 30 and December 31 of each year, from the Water Fund Account to the Water Capital Outlay and Depreciation Fund, an amount equal to fifty cents (50¢) per thousand cubic feet of water sold during each six month period. However, the amount so transferred shall be limited to the excess over one hundred thousand dollars ($100,000) in the Water Fund at the end of each six month period, and provided further that in the event the excess is not sufficient to permit the full transfer at the end of any six month period the deficiency shall be carried over and transferred in a subsequent six month period when the balance is sufficient.
Money in the Water Capital Outlay and Depreciation Fund shall be used for the purpose of contract rehabilitation work, enlargement or extension of the water works.
(Ord. 33-76. Passed 5-17-76.)