(A) Monies heretofore accumulated pursuant to the ordinance authorizing the refunded bonds in an amount equal to the expenses of operation, repair and maintenance of the sewage works for a two-month period, as calculated by the Clerk/Treasurer with the advice of the town's financial advisor, shall be credited to and become a part of the Operation and Maintenance Fund, created as of the date of the advance refunding of the refunded bonds. On the last day of each calendar month, revenues of the sewage works shall thereafter be transferred from the Revenue Fund to the Operation and Maintenance Fund.
(B) (1) The balance maintained in this Fund shall be sufficient to pay the expenses of operation, repair and maintenance for the then next succeeding two calendar months.
(2) The monies credited to this Fund shall be used for the payment of the reasonable and proper operation, repair and maintenance expenses of the sewage works on a day-to-day basis. Any monies in the Fund may be transferred to the Sewage Works Sinking Fund, if necessary, to prevent a default in the payment of principal of or interest on the outstanding bonds of the sewage works.
(`93 Code, § 9-131) (Ord. 95-627, passed - -95)