The Sewage Works Sinking Fund shall be deposited in and maintained as a separate bank account or accounts apart from all other bank accounts of the town. The Operation and Maintenance Fund and the Sewage Works Improvement Fund may be maintained in a single bank account, or accounts, but such bank account, or accounts, shall likewise 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. All monies deposited in the bank accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the state; provided, that monies therein may be invested in obligations of the United States of America in accordance with the applicable laws, including particularly Chapter 9 of the Acts of the Indiana General Assembly for the year 1945, as codified or supplemented, and in the event of such investment the income therefrom shall become a part of the funds invested and shall be used only as provided in this chapter.
(1989 Code, § 32.13) (Ord. SB-83, passed 9-21-1983)