(A) There is hereby established a Sewage Disposal Capital Reserve Fund, the money in which shall be used, from time to time, for the purchase or replacement of equipment and machinery and for expansion or modification of the existing sewage collection and treatment facilities, including pump stations, sewer mains, interceptors and other appurtenances.
(B) Council may appropriate monies from the sewage disposal funds to be paid into the Sewage Disposal Capital Reserve Fund, or place in the Fund any monies received from any other source unless received or acquired for a particular purpose.
(C) The Fund shall be controlled, invested, reinvested and administered and the monies therein and income from such monies expended for the specific purpose or purposes for which the Fund is created in such matter as may be determined by Council.
(D) The sum of $50,000 shall be placed in said Sewage Disposal Capital Reserve Fund as a portion of the amount appropriated for capital improvements by Ord. 1243.
(E) The money in the Fund, when invested, shall be invested in securities designated by law as legal investments for sinking funds of municipalities.
(Ord. 1251, passed 12-3-1979)