Each year, the City Council shall each year review the emergency reserve fund to determine its adequacy relative to anticipated future needs of the utility or utility department. If, in the judgment of the City Council, the emergency reserve fund exceeds all needs of the utility or utility department that can be reasonably anticipated and all requirements have been satisfied on any outstanding bonds, the Council may transfer such excess funds to the General Fund of the City of Negaunee.
(Amended November 3, 1987)