All income and revenues of the sewage works shall be deposited into the Operation and Maintenance Fund (the "O&M Fund") upon receipt. Out of said Operation and Maintenance Fund, the proper and reasonable expenses of operation, repair and maintenance expenses of the sewage works on a day-to-day basis of the works shall be paid, the requirements of the Sewage Works Sinking Fund shall be met and the requirements of the Sewage Works Improvement Fund for cost of replacements, extensions, additions, and improvements to the works shall be paid, requirements of the Insurance Fund shall be paid, and requirements of the Bio-Solids Fund shall be paid. Any balance in the O&M Fund in excess of the expected expenses of operation, repair 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 or interest on the Bonds, the Improvement Fund, the Insurance Fund, the Bio-Solids Fund or the Cash Reserve Fund for surplus earnings. All moneys deposited in the Operating Fund may be invested in accordance with I.C. 5-13-9 and other applicable laws.
(Ord. 36-2006, passed 12-12-06)