§54-60  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 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 inany fiscal year. [L 1949, c 86, §10; RL 1955, §146-109; am L 1959, c 83, §1;HRS §54-60]