There is established in the city a fund to be known as the Electric Capital Reserve Fund.
(A) Each year the Finance Director, after first reserving an adequate operating cash balance with which to conduct business for the ensuing month, shall transfer into this fund the amount appropriated by City Council for transfer from the Electric Revenue Fund. The combined total of the transfers shall not be less than the depreciation accrued in the prior year on the electric system plant and equipment.
(B) These transfers shall be made pursuant to the authority of this section, and without further transfer resolutions.
(C) The Electric Capital Reserve Fund shall be used only for replacement or expansion of the electrical system plant and equipment.
(1980 Code, § 35.06) (Am. Ord. 1674, passed 2-6-1961; Am. Ord. 5276, passed 4-1-1990; Am. Ord. 5533, passed 3-15-1993; Am. Ord. 8059, passed 11-15-10; Am. Ord. 8573, passed 4-17-2017)