The NEC doesn't have much to say on common sense (not to take a jab at horsegoer). Even if clearances are met, Murphy's Law has a way of rearing its' ugly head, such as a water line breaking and spewing water everywhere, or a clumsy janitor, or a whole mess of other things. Even though you may meet NEC requirements, when the poop hits the fan, (or water hitting the panel or xfmr) they'll come straight to the electrician and ask you why in the world are there panels near a sink. I went through a very similar scenario at a local university. Panels had not been powered up at the time, and the architect and GC were walking the building when a grunt ran a pallet jack into the janitors closet, cracked the water line feeding the sink, and water sprayed all over the un-energized panels. Architect and GC were right there. Needless to say, the panels were re-located.