(A) There is hereby created a fund to be known as a Cash Reserve Fund for the wastewater utility of the town, and the account shall be carried as such on the books and financial records of the utility.
(B) A financial review by the Clerk-Treasurer and the Town Council indicates there are “surplus earnings” within the wastewater utility account in an amount of $100,000 and said amount shall be transferred to the “Cash Reserve Fun”. Monthly amounts shall be in the sole discretion of the Town Council as reflected in the minutes of a Town Council meeting.
(C) This section became effective on August 28, 2002.
(Ord. 2002-9, passed 8-14-2002)
Statutory reference:
Creation of cash reserve fund, see I.C. 8-1.5-3-11