In each calendar year, the Town 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 Water Utility property if it were privately owned. Each transfer shall be billed on the value of the Utility’s assets as would be subject to taxes on December 31 of the previous year. However, the transfer shall not exceed the actual balance of the cash reserve fund as of July 31 of the current year.
(Ord. 4-1991, passed 12-30-1991)