(A) Effective retroactive to May 1, 1978, the City Treasurer shall establish a fund to be known as Sewage Plant and Annual Replacement Fund for the purpose of depositing funds at the rate of 6.67% annually.
(B) Replacement costs shall mean the expenditure for obtaining and installing equipment, accessories, or appurtenances which are necessary during the service life of the treatment works to maintain the capacity and performance for which such works were designed and constructed.
(C) Monthly transfers from sewage collections operations fund are to be transferred to the newly established Plant and Annual Replacement Fund.
('80 Code, § 2-4) (Res. passed 9-18-78)