(A) The Town Council hereby establishes a Cash Reserve Fund for transfer of surplus earnings after all current obligations have been met.
(B) The Cash Reserve Fund can transfer balance for Municipal General Fund only on June 30 of current year in lieu of taxes.
(C) In case of emergency the legislative body may, by ordinance, transfer additional money from the Cash Reserve Fund to the General Fund to provide for additional appropriations, the transfer to be limited to the accretions to the Cash Reserve Fund since the preceding June 30.
(D) The Cash Reserve Fund, if authorized by ordinance, may make loans to another utility-owned by the same municipality, for periods not to exceed five years, at any interest rate. The repayment of the loan and interest shall be returned to the Cash Reserve Fund.
(Ord. 2018-WO-030, passed 8-13-2018)