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