It is hereby required and mandated that a DEPRECIATION RESERVE account be established, as defined in § 50.56. A cash reserve shall be set aside as a sinking fund annually. Annual amounts so set aside in the depreciation reserve treatment plant and overhead storage reservoir to be used as such sinking-fund purposes. Amounts already existing in the depreciation reserve account at the time this subchapter goes into effect shall remain in the depreciation reserve account to perpetuate the purposes of this subchapter. The amount of cash to be retained and accumulated in the depreciation reserve account shall continue until the water treatment plant and the overhead storage reservoir are fully depreciated.
(Prior Code, § 5.0404)