§ 46-15.6-4. Content of infrastructure replacement component. (a) The infrastructure replacement component (hereinafter referred to as "component") shall include without limitation:
(1) A detailed financial forecast of facility replacement improvement requirements for the next twenty (20) years including, but not limited to, the principal components of the water system such as reservoirs, dams, treatment plants, pipes, valves, fire hydrants, pumping stations, storage facilities, pumping and well equipment, interconnections and water mains. Each financial forecast shall analyze the condition and life expectancy of the existing facilities, prioritize needed repairs and replacements and amortize such improvement requirements on an annual basis over the next twenty (20) years in accordance with rules and regulations promulgated herein. Water suppliers which have in effect infrastructure improvement or rehabilitation programs and mechanisms for funding approved by their appropriate governing bodies may submit their existing programs for complete or partial compliance with the provisions of this section.
(2) A method that establishes and maintains fiscal controls and accounting depreciation standards sufficient to ensure proper accounting for evaluation of facility requirements necessitated by this chapter in accordance with rules and regulations promulgated herein.
(b) Components shall be consistent with applicable local comprehensive plans in which the service areas are or are planned to be located.
(c) Proceeds from the watershed protection fund shall be usable for reimbursement of water suppliers for preparation of their infrastructure replacement components as described in this chapter up to fifty percent (50%) of the cost of the component.
History of Section. (P.L. 1993, ch. 312, § 1; P.L. 1993, ch. 438, § 1.)
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