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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />SECTION 1: The Budget is hereby amended to establish and maintain a Wastewater <br />Capital Reserve Fund (WCRF) for expansion, major repair, or replacement of the <br />wastewater facilities. <br />SECTION 2: With regard to revenue sources for funding of the allocation for the <br />WCRF set forth in Section 1 hereof, budget amendments are adopted as follows: <br />1. A minimum of one-half of one percent (.05) of what the State Revolving Fund Loan <br />amount is (approximately $40,570) will be deposited annually, to accumulate with <br />interest, for a period of 10 years. <br />2. All deposits, including interest shall remain in the fund for the life of the loan <br />contract. At the end of the loan contract, disposition of funds shall be at the City's <br />discretion. <br />PASSED, APPROVED and ADOPTED this 3rd day of June 2003. <br />ATTEST: <br />Carolina P. Barrera <br />City Clerk <br />Deirdre H. Bennett <br />Mayor <br />Page 2 <br />