(A) A fund is hereby created and shall be known as the Municipal Utilities Depreciation and Reserve Fund of the city.
(B) The fund created by division (A) above is for the specific purpose of depositing funds appropriated in the annual budget and appropriation ordinance, reasonable amounts from which shall be provided each year in the budgets of the various revenue funds.
(C) Additional sums considered to be a surplus at the end of each fiscal year of the various revenue- producing utilities, in excess of reasonable amounts to provide necessary operating expenses to start the new fiscal year, shall be deposited in the fund during the last half of April, subject to the recommendation of the various committees after consultation with the financial officers of the city.
(D) The depreciation or reserve funds to be set aside or provided for by any outstanding revenue bond ordinances shall be deposited in the fund created in division (A) above and shall be segregated by a “book entry,” clearly defining the purpose and ordinance providing for the amount to be specifically set aside for that purpose and shall not be expended for any other purpose so long as that particular ordinance is in effect.
(E) All deposits from various funds shall be segregated as to origin of the funds, in addition to those requirements provided for in division (D) above.
(F) Funds deposited to the credit of the fund created by division (A) above shall be used only for replacing depreciated equipment, plant improvements, development and expansion of the distribution system or other necessary items too costly to provide for in the annual budget and appropriation ordinance and to provide a fund for real emergencies.
(G) All funds proposed to be withdrawn from the fund created in division (A) above shall be by ordinance clearly setting forth the purpose for which it is to be used and the reasons therefor, passed by a ¾ majority of the City Council and approved by the Mayor.
(H) No funds deposited under the terms of and to the credit of any revenue bond ordinance shall be withdrawn for any purpose except for and in the interest of bondholders or upon the recommendation and approval of the City Engineers and attorneys for the bondholders.
('74 Code, § 27-5) (Ord. 535, passed 7-5-55)