(A) That no further contributions shall be made to the previously established cash depreciation fund. Any and all cash remaining in the cash depreciation fund shall be expended pursuant to the provisions of I.C. 8-1-2-22. That upon depletion of the cash depreciation fund, said fund shall be vacated from the books of the utility.
(B) There is hereby, continued for use in the Rising Sun Municipal Utilities Electric Department, a cash reserve fund, which shall consist of the surplus earnings of the Rising Sun Electric Department. That 25% of surplus earnings are to be placed monthly in the fund and are hereby defined to be those cash earnings remaining after provision has been made to take care of current obligations, including those for operating expenses, sinking funds, bond and interest retirement funds, or any other priority fund requirement fixed by ordinance or law. Such surplus earnings shall be paid into the cash reserve fund and carried on the books of the utilities as such.
(C) Funds in the cash reserve fund may be used for maintenance, repairs, and future planning of the utility. Funds in cash reserve may also be used to make loans to another utility owned by the same municipality, for periods not to exceed five years, at any interest rate. The repayment of the loans and interest shall be returned to the cash reserve fund.
(Ord. 2016-20, passed 10-6-16; Am. Ord. 2021-1, passed 2-4-21)