§ 53.13 CASH DEPRECIATION AND CASH RESERVE FUNDS FOR MUNICIPAL UTILITIES WATER DEPARTMENT.
   (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. Upon depletion of the cash depreciation fund, said fund shall be vacated from the books of the utility.
   (B)   There is hereby created and established, in the Rising Sun Municipal Utilities Water Department a cash reserve fund, which shall consist of the surplus earnings of the Rising Sun Water Department. That 25% of surplus earnings are to be placed monthly in the fund 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, future planning, and growth 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. 2016-18, passed 10-6-16; Am. Ord. 2021-2, passed 2-4-21)