There is hereby established in the village an Electric System Renewal and Replacement Fund. Ten percent of all moneys received by the village for the sale of electric energy shall be placed to the credit of this Fund monthly until the balance is $100,000. After the balance of the Fund is $100,000, no further moneys shall be placed in the Fund. At any time that the balance is below $100,000, the 10% shall again be deposited to the Fund until the $100,000 Fund balance is again reached. The Fund shall be used only for the repair, replacement, renewal, or improvement of the electrical distribution system of the village, and after the balance is $100,000 or less, no disbursement from the Fund shall be less than $5,000.
(Ord. 807, passed 11-15-1983)