(A) The fiscal officer of the municipal water utility may invest or reinvest any funds held on deposit with the water utility and not reasonably anticipated to be required for immediate expenditure. Subject to any further requirements or restrictions governing any waterworks revenue bonds as may then be outstanding and subject to the provisions of § 52.18(A), if applicable:
(1) The investment may be made in any interest-bearing accounts or securities as are lawful for the investment of other public funds under I.C. 5-13-9;
(2) Any initial transaction fees may be paid out of the principal invested but shall be returned to the fund of origin out of interest, capital gains or other earnings on the investment, as shall any terminal transaction fees, before distribution of any such earnings; and
(3) All net interest, capital gains or other earnings resulting from the investment shall accrue to the Water Utility Cash Reserve Fund and only the principal shall be credited back to the utility fund or origin.
(B) The utility fiscal officer will not be held personally liable for any loss of principal which may occur by virtue of the investment when it has been made in good faith and in accordance with this section and other applicable statutes and ordinances.
(`86 Code, § 2-6-8) (Ord. 86-C1, passed 7-15-86)