(A) A cash reserve fund is created for the town Electric 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 at least 5% of the operating revenues each month.
(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.
(Ord. 7-1992, passed 12-21-1992)