(A) There is hereby established a Water Utility Construction Fund 0605 for the purpose of accounting for the receipts and disbursements of the water utility construction projects.
(B) Monies deposited in said Fund shall be for the payment of water utility construction projects.
(C) Disbursements from the Fund shall be made upon certification by the City Controller and the approval of claims by the EC Water Utility Board of Trustees. 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 the project agreement.
(Ord. 11-0014, passed 7-25-2011)