The money belonging to each municipally-owned utility shall be kept by the Municipal Fiscal Officer as separate funds as required by any bound ordinance or accounting procedures established by the state’s Board of Accounts. A Cash Reserve Fund is hereby created, and the board shall hereafter carry the same on the records of the utility by providing for monthly contributions or transfers to the Cash Reserve Fund of surplus earnings of the utility. The municipal legislative body, with the approval of the Board, may transfer surplus earnings of the utility to the General Fund. The money may not, however, be transferred unless the terms and conditions of any bond ordinance, resolution, indenture or similar instrument binding upon utility are complied with. The Town Council may include in the municipal General Fund budget, as revenue in lieu of taxes, an amount equal to the actual balance in the Cash Reserve Fund as of June 30 of the current year. However, the available Cash Reserve Fund balance may be transferred to the municipal General Fund only during the calendar year for which the budget was adopted, and transfers may not be made from any utility funds to the General Fund, except from the Cash Reserve Fund. If, at any time after the final approval of the budget, an emergency should arise for further appropriations from the General Fund, the legislative body may, by ordinance, transfer additional money from the Cash Reserve Fund to the General Fund to provide for the additional appropriations, the transfer to be limited to the accretions to the Cash Reserve Fund since the preceding June 30.
(Prior Code, § 2-3-5) (Ord. 83-2, passed - -1983)