(A) The City Treasurer shall establish a proper system of accounts and shall keep proper books, records and accounts in which complete and correct entries shall be made of all transactions relative to the sewerage system and at regular annual intervals the Treasurer shall cause to be made, by an independent auditing concern, an audit of the books to show the receipts and disbursements of the sewerage system.
(B) The City Clerk shall establish, in lump sum, an account in the amount of $23,500 to be put in the account named “Sewer Replacement and Reserve Fund.” The lump sum shall be put on deposit. The deposit and interest earned from this account shall be kept in this account for replacement parts or machinery or any other replacements needed at the sewer plant.
('74 Code, § 27-106) (Ord. 1031, passed 10-16-84; Am. Ord. 1151, passed 3-21-95) Penalty, see § 51.99