HRS §54-60
Reserve fund
This section lets the water board save money for big repairs or new projects. The amount saved each year is limited based on the board's income over a ten-year period starting in 1959. It is a narrow rule about how the board can set aside funds.
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The statute, as written — Reserve fund
The board of water supply may provide for the accumulation of a fund for the purpose of financing major replacements, or extensions and additions, the average estimated annual increments to which, for a period of ten years from July 1, 1959, shall not exceed fifteen per cent of the gross revenue of the board in any fiscal year.
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