There is created a fund to be known as the water improvement reserve fund No. 420, for the purpose of receiving the increase in the water system hookup charges authorized by Resolution No. 248.
A. All funds received for water connection fees shall be set aside in an existing water reserve fund to cover improvement costs or debt obligations of the water system, with five hundred dollars of each hookup inside or out being transferred so it can be used as additional principal payments on the loan with the highest interest rate.
B. Fifty percent of the revenues collected from the increase to the regular rates for all customers implemented by Resolution No. 389 and Ordinance No. 1136 shall be set aside in the water reserve fund to cover improvement costs or debt obligations of the water system.
C. One hundred percent of the revenues collected from the tiered rate increases for industrial customers implemented by Resolution No. 412 and Ordinance No. 1136 shall be set aside in the water reserve fund to cover improvement costs or debt obligations of the water system. (Res. 488 §§ 2, 4, 5, 2004; Ord. 745 § 1, 1988).