(A) After satisfying the requirements for operation and maintenance and the Sewage Works Sinking Fund, any excess revenues may be transferred or credited to the Fund designated the “Sewage Works Improvement Fund”, herein created, to be used for improvements, replacements, additions and extensions of the sewage works.
(B) Monies in the Sewage Works Improvement Fund shall be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the payment of principal and interest on the then outstanding bonds, or, if necessary, to eliminate any deficiencies in credits to or minimum balance in the Debt Service Reserve Account of the Sewage Works Sinking Fund.
(C) Funds for operation and maintenance and the Sewage Works Improvement Fund may be maintained in a single bank account or accounts, but the bank account or accounts shall be maintained separate and apart from all other bank accounts of the town and apart from the Sewage Works Sinking Fund bank account or accounts.
(1998 Code, § 4-5)