(A) There is hereby created a Wastewater Deprecation Fund for the replacement and upkeep of the wastewater department grinder pumps that service the homeowners of Prince's Lakes, the upkeep/dredging of the lagoons, and the planning, construction, and upkeep of a new wastewater treatment plant.
(B) The Town Council has agreed to put aside $15,000 each month in the Wastewater Deprecation Fund to ensure that the money will be available when repairs or replacements are required. The money will be allocated as follows:
(1) Grinder pump repairs and replacement: $5,000.
(2) Lagoon cleaning and repairs: $5,000.
(3) Wastewater treatment plant planning and construction: $5,000.
(C) This section shall be in effect unless at any time the Wastewater Department checking account falls to or below $100,000. If that happens, the Clerk-Treasurer will not deposit any more money into these funds until the account is sufficient to continue these amounts.
(Ord. 332, passed 7-16-07)