(A) There is hereby established a Sewage Utility Bond and Interest Fund 0607 for the purpose of accounting for the receipts and disbursements of the sewage utility debt obligation activities.
(B) Sewage bond and interest payments shall be deposited in said Fund and shall be used in the payment of debt obligations.
(C) Disbursements from the Fund shall be made upon the approval of claims by the City Sanitary District Board of Commissioners.
(D) Said fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, any balance of said Fund shall be disbursed as determined by bond transcript and as lawfully allowed.
(Ord. 14-0032, passed 12-8-2014)