(A) The revenues set aside for the payment of the principal and interest of the authorized bonds shall be deposited and credited to a special account identified as “the bond and interest redemption account”.
(B) In determining the amount that is to be set aside for the payment of the principal and interest of the authorized bonds, the Board may provide that the amount to be set aside and paid into the bond and interest redemption account for any year or years should not exceed a fixed sum, which must be at least sufficient to provide for the payment of the interest and principal of the bonds maturing and becoming payable in each year.
(C) If a surplus is created in the bond and interest redemption account, the Board may transfer any excess over the surplus to:
(1) The operation and maintenance account; or
(2) The depreciation account.
(Ord. 529, passed 10-13-03)