14.04.120 Revenue for repayment of loan—Wastewater capital reserve fund.

(A) The city dedicates the following sources of revenue to repayment of any and all State Revolving Fund loans on Project No. C-06-4666-110, the water treatment and reclamation project: waste user charges, wastewater connection fees and connection fees, where appropriate. This dedicated source of revenue shall remain in effect until any such loan (or loans) is fully discharged, unless modification or change of such dedication is approved in writing by the State Water Resources Control Board.

(B) A wastewater capital reserve fund is established. Deposits to the fund shall be made annually at a rate set by resolution by city council, not to exceed seventy-five thousand dollars per year but at least one-half percent of the loan amount for the wastewater treatment plant project. Such funds shall be maintained in accordance with "The Policy for Implementation State Revolving Fund for Construction of Waste Water Treatment Facilities," as adopted by the state of California Water Resources Control Board.