Chapter 3.59
STORMWATER CAPITAL RESERVE FUND

Sections:

3.59.010    Stormwater capital reserve fund established.

3.59.020    Deposit of funds.

3.59.030    Expenditures.

3.59.010 Stormwater capital reserve fund established.

There is established a separate fund within the city to be known as the “stormwater capital reserve fund.” (Ord. 988 § 1, 2012)

3.59.020 Deposit of funds.

On or about January 1, 2013, the stormwater fund shall make a contribution of $40,000 to open the stormwater capital reserve fund. Thereafter, as may be included in the adopted city budget, a portion of stormwater drainage fees collected by the city shall be deposited into the stormwater capital reserve fund each year along with any grant, loan or bond proceeds intended for the purpose of making stormwater capital improvements and any funds budgeted by the city council. (Ord. 988 § 1, 2012)

3.59.030 Expenditures.

Expenditures from the stormwater capital reserve fund shall be made for the purposes of capital improvements and repairs to the stormwater system. (Ord. 988 § 1, 2012)