There is hereby continued for use, as previously established, a money market fund for the Water Utility Department and such fund is now designated as a Cash Reserve Fund for the Albion Water Utility Department.
(A) The Cash Reserve Fund shall consist of surplus earnings of the Water Operating Fund and carried on the books of the Utility as such.
(B) Funds in the Cash Reserve Fund may be used to make loans to another utility owned by the same municipality for periods not to exceed five years, at any interest rate as allowed per I.C. 8-1.5-3-11(f). The repayment of the loan and interest shall be returned to the Cash Reserve Fund.
(Ord. 2018-12, passed 9-11-18)