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A) An account is established for the transfer of monies from the municipally owned Water Utility Operating Fund.
(1) Said account shall be named the Cash Reserve Fund and shall be carried on the records of the water utility. All funds contained in said account shall be surplus earnings transferred from the municipally owned Water Utility Operating Fund.
(2) The express and written approval of the Board of Public Works and Safety of the city shall be obtained prior to the transfer of funds from said account to the General Fund.
(B) This account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council. If this account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2001-17, passed 10-16-01; Am. Ord 2002-4, passed 4-16-02)