(A) Eighty-five percent of all fees collected (fire hydrant maintenance assessments and private fire protection tap fees) 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 system 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.
(B) The remaining 15% will be designated for water distribution maintenance in the Utilities Account.
(Ord. 570-06, passed 12-4-2006)