§ 51.042 RECEIPT AND DISPOSITION OF FUNDS; ANNUAL AUDIT.
   (A)   The funds of the sewerage and water works system, the natural gas system, the Pembroke Utility Division, the Crofton Utility Division, and the Oak Grove Wastewater Division shall be deposited in a bank or banks located in Hopkinsville, Kentucky. Complete records and accounts of all matters affecting the sewerage and water works system, including receipts and disbursements of all funds, shall be kept by the Commission. The records and accounts shall be audited annually by a certified public accountant and a report thereof filed with the City Council, the expense of which shall be charged to the operation account of the Sewerage and Water Works Commission.
   (B)   All funds realized from the operation of the sewerage, water works and natural gas system, whether in payment for sewerage, water services, natural gas or otherwise, shall be paid over to the Commission and by it segregated and paid over into the Sewerage and Water Works Bond and Interest Redemption Fund, the Operations and Maintenance Fund, the Sewerage and Water Depreciation Fund and the Natural Gas Fund created by the provisions of presently existing bond ordinances, including the investment in securities and reserves for contingencies in the funds, the sale of the securities and the taking of pledges to secure the contingency reserves.
   (C)   All moneys received from the sale of any bond issued pursuant to any bond authorization ordinance for purposes of establishing, maintaining or extending the sewerage, water works and natural gas system shall be paid to the city, deposited by it in a bank or banks located in the city and expended by it in accordance with the bond authorization ordinance and in accordance with applicable Kentucky statutes, including a transfer of the surplus, if any, after any purchase and construction or extension of the sewerage, water works and natural gas system to the Bond and Interest Redemption Fund. The deposit or deposits shall be continuously secured by a valid pledge or direct obligations of the United States Government having an equivalent market value, until the time of transfer, if any, of the surplus. Withdrawals and disbursements therefrom shall be made by the city only upon written recommendation of the Commission.
(Ord. 292, passed 1-21-1937; Ord. 18-92, passed 6-16-1992; Ord. 27-99, passed 8-17-1999; Ord. 12-2000, passed 8-15-2000; Am. Ord. 18-2011, passed 10-18-2011)
Editor's note:
   Previous bond ordinance reference: Ords. 16-75, 1-76, 4-83.
Statutory reference:
   Bond regulations, see KRS 96.370 et seq.