(A) (1) After reviewing the requirements of the Operation and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred or credited from the Revenue Fund to a fund designated the “Sewage Works Improvement Fund,” and the Fund shall be used for improvements, replacements, additions and extensions of the sewage works or for any other lawful purpose.
(2) As of the date of the delivery of the refunding bonds, any other available and unrestricted monies of the sewage works not otherwise deposited pursuant to the terms of this section shall be transferred to the Improvement Fund.
(B) Monies in the Sewage Works Improvement Fund shall be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the payment of principal and interest on the then outstanding bonds or, if necessary, to eliminate any deficiencies in credits to or minimum balance in the Reserve Account of the Sewage Works Sinking Fund or may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation, repair and maintenance of the sewage works.
(`93 Code, § 9-133) (Ord. 95-627, passed - -95)