(A) At least 5.9% of the revenues and moneys received for the fresh water supply system charges shall be deposited quarterly and maintained in a separate interest-bearing account entitled “Fresh Water Supply System Improvement and Replacement Account.” (The percent shall be calculated as: replacement cost divided by total operation, maintenance, replacement and debt service cost.)
(B) Funds from the account shall be used only for nonroutine, major, long-term improvement, repair, replacement or expansion of the F.W.S.S. of the city. The use of the funds for the stated purposes shall be considered first by the Board of Local Improvements on the basis of information provided by the City Engineer and other sources. On the affirmative vote of a majority of the members of the Board, a recommendation to adopt a specific system project will be made to Council. Council will, after holding a public hearing, vote on adopting or rejecting the project, or referring it back to the Board.
(2000 Code, § 13.04.150)