(A) A Depreciation Fund for the Water Works Department of the town is hereby established, and shall be carried on the books of the utility as provided and required by I.C. 8-1.5-4-9, and to this Fund shall accrue at least 5% of the operating cash revenue of the utility each month.
(B) A Cash Reserve Fund for the Water Works Department of the town is hereby established, and shall be carried on the books of the utility as provided and required by I.C. 8-1.5-4-9.
(C) Monthly contributions or transfers to the Cash Reserve Fund shall be made of surplus earnings of the utility, as determined by the Town Council.
(Ord. 211, passed 7-12-1949)