(A) There is hereby created a fund to be known as a Cash Reserve Fund for the electric 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 electric utility account in an amount of $150,000 and said amount shall be transferred to the Cash Reserve Fund of the utility. 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. 2002-8, passed 8-14-2002)
Statutory reference:
Creation of cash reserve fund, see I.C. 8-1.5-3-11