(A) Cash Reserve Fund established. Pursuant to I.C. 8-1.5-3-11, a Cash Reserve Fund is hereby established for the town water utility to receive transfers to the Cash Reserve Fund of surplus earnings of the town water utility.
(B) Transfer of funds. The Town Council, as the municipal legislative body and the Works Board for the town water utility, may transfer surplus earnings of the town water utility from the Cash Reserve Fund to the town’s General Fund pursuant to I.C. 8-1.5-3-11(a). Money may not, however, be transferred from the Cash Reserve Fund to the town’s General Fund unless the terms and conditions of any bond ordinance, resolution, indenture, contract under I.C. 8-1-2.2, or similar instrument binding upon the town water utility is satisfied.
(C) Amounts transferred. Upon any transfer of funds from the Cash Reserve Fund of the town’s water utility to the town’s General Fund, the Town Council must specify the amount transferred and the account in the town’s General Fund for the receipt of such funds and the purpose of such transfer. Such authorization may be reflected in an ordinance, resolution, or the minutes of the meeting of the Town Council at which such authorization is given.
(Ord. 2018-13, passed - -)