(A) The Water Utility Improvement and Maintenance Fund (hereinafter referred to as “fund”) is hereby established.
(B) The fund shall be funded by a transfer from town’s Water Utility General Fund, as of the close of each calendar month, of that amount, if any, on deposit in the Water Utility General Fund that exceeds the amount that will be sufficient, in the informed judgment of the Clerk- Treasurer, to pay the then expected regular, recurring and incidental operation, repair and maintenance costs of the town water utility for next succeeding two calendar months.
(C) There shall be no transfer to the fund as of the end of any month when the balance in the Water Utility General Fund is not sufficient, in the informed judgment of the Clerk-Treasurer, to fully pay those expected costs.
(D) Monies accumulated in the fund shall be expended only by authorization of Council. It is intended that Council will protect and utilize fund assets, and supplement those when the opportunity presents itself, in order that major repair, maintenance and/or improvement projects of the water utility can be accomplished as necessary and in the best interests of the community and the utility’s rate payers.
(E) The Clerk-Treasurer shall so establish, implement and expend fund, reporting particulars to Council periodically and upon request from Council.
(Prior Code, § 33.07) (Ord. 2006-7, passed 4-8-2006)