If the Building Commission should realize a surplus of funds over and above the amount required for the maintenance, improvement and operation of its facilities and for meeting all required payments on its obligations and reserves in connection therewith, it shall establish and set aside for future operations, improvements and contingencies a reserve in such amount as the Commission shall deem proper and it shall then apply the residue of such surplus, if any, to the payment of any recognized and established obligations not then due. After all such recognized and established obligations have been paid and discharged in full, the Commission shall, at the end of each fiscal year, being the year commencing July 1, and ending on the following June 30, set aside such reserve for future operations, improvements and contingencies as aforesaid and pay the residue of such surplus, if any, into the General Fund of the town.
(Ord. passed 8-27-1968)