§ 52.06 PLANT INVESTMENT RESERVE.

   (A)   This section authorizes the creation and use of a plant investment reserve for sole purpose as a depository of plant investment fees (as described in Chapter 53) and use of funds for “expansion” costs of the existing water system’s source and storage components.

   (B)   This reserve is classified as a committed reserve.

      (1)   Objective. To protect the water system’s future capacity and the integrity of its operational intent. The funds shall be used to minimize the cost of any additional expansion to the existing water system users.

      (2)   Anticipated size. The sum of the number of units (§ 53.04) approved by the Town Council multiplied by the plant investment fees as published in the § 50.19, Culinary water service fees) less any expenditures for system expansion.

      (3)   Source of funds.

         (a)   Sum of and exclusively from the plant investment fees collected.

         (b)   All earnings from investments of this reserve’s funds shall be reinvested into this reserve.

      (4)   Authorized uses.

         (a)   Funds shall be used solely for the current and future expansion of the water system to provide additional source and storage capacities and capabilities resulting from the additional demands for the added users.

         (b)   Project selection shall be by ordinance only. (See § 52.02, Withdrawal authorization.)

      (5)   Administration. This section authorizes the Town Clerk to deposit, withdraw and pay invoices that are in full compliance with this chapter.

(Prior Code, § 4.06.036)