Eighty-five percent of all tap fees (water, sewer and private fire protection) collected will be designated for renewal, replacement and extension (R,R&E), a reserved, sinking fund created by Ord. 417-94, dated 9-19-1994. These funds shall be used solely to provide reserves for renewals, replacements, improvements, extensions and extraordinary major repairs or debt reduction of the water and sewer systems of the city. Any expenditure from this Fund must meet the criteria above and also requires the approval of the majority of the members of the City Council.
(Ord. 663-14, passed 6-16-2014)