(a) There is hereby established a fund entitled "Water and Sewer Development Fund" for the purpose of assisting in the funding of future residential water and sewer projects within the city.
(b) The city administration is directed to disburse from the city's general fund $250,000 of grant funds received for reimbursement of equipment rental on the water and sewer improvement projects funded by a state grant and to transfer to the "Water and Sewer Development Fund."
(c) All disbursements from the Water and Sewer Development Fund shall be by City Council ordinance and shall only be disbursed for future residential water and sewer projects which are established and approved by the City Council. Disbursements shall not be made for the purpose of maintenance and repair of existing systems.
(d) The funds will be placed in an interest bearing account and will not be subject to reimbursement unless otherwise provided by the City Council.
(Ord. 87-8, passed 1-13-87)