(A) There is hereby established a Water Bond and Interest Fund 0602 for the purpose of accounting for the receipts and disbursements the water utility debt obligation activities.
(B) Water 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 EC Water Utility Board of Trustees.
(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.
(Ord. 11-0037, passed 12-26-2011)