§54-21  Reserve fund.  The board ofwater supply may provide for the accumulation of a fund for the purpose offinancing major replacements, or extensions and additions, the averageestimated annual increment to which, for a period of ten years, shall notexceed fifteen per cent of the gross revenue of the board in any fiscal year.[L 1961, c 155, pt of §1; Supp, §145A-11; HRS §54-21]