§ 4-1-13. Water and sewer extension and improvement fund.

(a)

There is hereby established the water and sewer extension and improvement fund.

(b)

This fund is established to provide funding for major improvements and extensions of the water and sewer systems of the city from time to time as the same shall become necessary.

(c)

A fixed amount of $75,000 of the annual gross revenues derived from water and sewer collections shall be deposited into the fund at the close of each fiscal year for the financing of the improvements and extensions. In addition to the above stated amount, city council shall have authority to withdraw surplus monies from the water and sewer system funds from time to time and in those amounts as it, in its sole discretion, shall determine to be required for the financing of the improvements and extensions.

(Ord. No. 91-10-28(D), 10/28/91)

Amendment Note : Subsection (c) was amended to replace "five percent" of the annual gross revenues with the fixed amount of $75,000 by Ord. No. 91-10-28(D).