(A) There is created, in connection with the electric utility owned and operated by the city, a Cash Reserve Fund pursuant to the provisions of I.C. 8-1.5-3-11.
(B) There shall be made to such Cash Reserve Fund monthly contributions or transfers from the surplus earnings of the city electric utility, which surplus earnings shall be the cash earnings of such electric utility remaining after provision has been made to take care of current obligations, including operating expenses, depreciation or replacement fund. The payment to be made on account of depreciation or replacements shall be at least 5% of the operating cash revenues of each month.
(C) No transfer of the funds of the city electric utility, to the General Fund of the city, shall be made except out of funds set aside and carried in the cash reserve fund created by this section.
(`94 Code, § 50.02) (Ord. passed 9-19-49)