(A) There is hereby established a Water Utility Grants Fund 0650 for the purpose of accounting for the receipts and disbursements of Water Utility grants.
(B) Monies deposited in said Fund shall be for the payments in accordance with the grant agreement.
(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.
(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 in accordance with the grant agreement.
(Ord. 11-0014, passed 7-25-2011)