The Sewage Works Sinking Fund shall be deposited in and maintained as a separate bank account or accounts apart from all other bank accounts of the town. The Operation and Maintenance Fund and the Sewage Works Improvement Fund may be maintained in a single bank account or accounts but the bank account or accounts shall likewise be maintained separate and apart from all other bank accounts of the town and apart from the Sewage Works Sinking Fund bank account or accounts. All moneys deposited in the bank accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the State of Indiana; provided that moneys therein may be invested in obligations in accordance with the applicable laws, including particularly I.C. 5-13-9 as amended or supplemented and in the event of the investment the income therefrom shall become a part of the funds invested and shall be used only as provided in this chapter.
(1982 Code, § 14-22)