Chapter 3.12
WATER SYSTEM REPLACEMENT CAPITAL RESERVE FUND
Sections:
3.12.010 Establishment of fund.
3.12.020 Payments to fund – Time limit.
3.12.030 Payments to fund – Source.
3.12.050 Discontinuance of fund.
3.12.010 Establishment of fund.
A water system replacement capital reserve fund is established by the city beginning July 1, 1990, for the purpose of providing funds for financing the cost of services, projects, property and equipment, and to construct or acquire and make repairs and improvements thereto, and of maintenance and replacement of the water system of the city. (Ord. 90-6 § 1)
3.12.020 Payments to fund – Time limit.
The annual increments to said fund shall be limited to a period not to exceed 10 years. Any balance in the fund that is not expended or obligated by definite commitment by July 1, 2002, shall revert to and become a part of the general fund of the city and shall be transferred thereto by the finance director of the city. (Ord. 90-6 § 1)
3.12.030 Payments to fund – Source.
Annual increments to the fund shall be made from, but not limited to, revenue transfers from the water fund. (Ord. 90-6 § 1)
3.12.040 Administration.
All moneys paid into the fund shall be kept by the finance director separate and distinct from other funds of the city, and shall be retained and expended only for the purpose for which the fund is created as set forth in LCMC 3.12.010. (Ord. 90-6 § 1)
3.12.050 Discontinuance of fund.
If at any time conditions arise which dispense with the necessity of further accumulations or expenditures from this fund, the city council of the city, by vote of two-thirds of the members of the city council, may by resolution dissolve said fund; provided, that any balance in the fund shall revert to the general fund. (Ord. 90-6 § 1)