There is continued the fund known as the Operation and Maintenance Fund (the Operation and Maintenance Fund). On the last day of each calendar month, there shall be transferred from the Revenue Fund and credited to the Operation and Maintenance Fund a sufficient amount of the revenues of the waterworks so that the balance in the fund is sufficient to pay the expenses of operation and maintenance for the then next succeeding 2 calendar months. The monies credited to this Fund shall be used for the payment of the reasonable and proper operation and maintenance expenses of the waterworks on a day- to-day basis, but none of the monies in the Fund shall be used for depreciation, replacements, improvements, extensions, or additions. Any balance in this Fund in excess of the expected expenses of operation and maintenance for the next succeeding month may be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of or interest on the outstanding bonds of the waterworks.
(1996 Code, § 9-141) (Ord. 1994-3, § 12, passed 5-11-1994)