(A) A reserve fund called the Wastewater Facilities Replacement Fund is hereby established within the Wastewater Utility Fund for the purpose of providing sufficient funds to be expended for obtaining and installing equipment, accessories, and appurtenances during the useful life (20 years) of the wastewater treatment facilities necessary to maintain the capacity and performance for which such facilities are designed and constructed.
(B) The reserve fund called the Wastewater Facilities Replacement Fund established within the Wastewater Utility Fund as an interest-bearing account shall be funded by a deposit of a minimum of 10% of revenues per year obtained from the Wastewater Utility Fund at the end of each fiscal year.
(Ord. 414, passed 10-7-2002)