(A) There is hereby established a Water Utility Debt Reserve Fund 0632 for the purpose of accounting for the receipts and disbursements of the Water Utility Debt Reserve.
(B) Monies deposited in said Fund shall be in fulfillment of Water Utility Bond issuance requirements,
(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)