A Water Department Replacement and Improvement Fund shall be maintained in the custody of the Village as a trust fund, and shall be used solely to replace obsolete or worn out equipment, or to make extraordinary repairs to or improvements and extensions of the water utility. Until required for the purposes for which this fund was created, monies in the Replacement and Improvement Fund may be invested in obligations permitted under the laws of Ohio.
(Ord. 84-7. Passed 6-25-84.)