(A) A cash reserve fund is created for the town wastewater utility and carried on the record of the utility, to which fund contributions or transfers of surplus earnings of the utility may be made.
(B) Surplus earnings are defined as those cash earnings remaining after provisions have been made to pay current obligations, including those for operating expenses, depreciation or replacement funds, or any other priority fund requirements fixed by ordinance or by law.
(C) No transfer to the cash reserve fund shall be made unless or until a depreciation or replacement fund has been established for the utility to which shall accrue funds designated for system and equipment capital repairs, replacements and additions.
(D) There shall be transferred to the cash reserve fund the surplus earnings of the utility. The transfers shall be made each calendar month upon satisfying the terms set forth in division (C) above.
(E) In each calendar year, the Council may transfer by resolution to the municipal general fund an amount to compensate the town for taxes that would be due the town on the wastewater utility property if it were privately owned. Each transfer shall be billed on the value of the utilities assets as would be subject to taxes on December 31 of the previous year. Provided, nevertheless, the transfer shall not exceed the actual balance of the cash reserve fund as of July 31 of the current year.
(Ord. 6-2013, passed 10- -2013)