(A) The Sewer Board is hereby granted authority to open and maintain an operating reserve account into which the Controller shall initially deposit the sum of $550,000 from the Sewer Utility's revenues. This account shall be administered by, and under the control of, the Controller, subject to the further terms, conditions and instructions established herein.
(B) The Controller shall open and maintain the operating reserve account in an interest bearing account at a financial institution designated by the Sewer Board; provided, however, that, institution must maintain an office within the boundaries of the City or New Albany, Floyd County, Indiana.
(C) The Sewer Board may, from time to time as necessary, direct the Controller to deposit additional Sewer Utility revenues into the operating reserve account as deemed necessary to satisfy any and all conditions of the previously issued bonds. The Sewer Board shall further be authorized to allocate, transfer or expend amounts from the operating reserve account by written approval of claims or transfers by the Sewer Board in the manner and form prescribed by Indiana law; provided, however, that, the balance within this account shall not be reduced below the amount required to comply with any then existing bond covenants. The Controller shall disburse funds from the operating reserve account except in compliance with the terms of this section.
(Ord. G-05-25, passed 6-6-2005)