(A) The town shall establish a replacement fund to be used solely for the purpose of funding replacements and improvements to the sewage works and that are reasonable and necessary for the continued operations of said sewage works in a manner that will allow the town to comply with the Clean Water Act, being 42 U.S.C. §§ 7401 et seq.
(B) The town shall initially deposit $200,000 from the net proceeds of the sale of the water utility into said Replacement Fund.
(C) The town shall, as a part of its biennial review of the adequacy of the user charge system, compare the cash balance in the Replacement Fund with anticipated future Replacement Fund requirements to ensure that said funds in said Replacement Fund are adequate and sufficient.
(D) The town shall revise its user charge system, as necessary, in order to ensure that the user charge system is fair and proportional among the various classes of users and that said user charges are adequate and sufficient to operate and maintain the sewage works facilities, to provide for the replacement of equipment and to make other improvements as may be reasonable and necessary.
(1996 Code, § 5-31) (Ord. 86-16, passed - -)