(A) (1) The Sinking Fund shall be deposited in and maintained as a separate account or accounts from all other accounts of the town. The Operation and Maintenance Fund and the Sewage Works Improvement Fund may be maintained in a single account, or accounts, but the account, or accounts, shall likewise be maintained separate and apart from all other accounts of the town and apart from the Sinking Fund account or accounts.
(2) All monies deposited in the accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the state; provided that monies therein may be invested in obligations in accordance with the applicable laws, including particularly I.C. 5-13, as amended or supplemented, and in the event of the investment the income therefrom shall become a part of the funds invested and shall be used only as provided in this section.
(B) Nothing in this section or elsewhere in this section shall be construed to require that separate bank accounts be established and maintained for the funds and accounts created by this section.
(`93 Code, § 9-134) (Ord. 95-627, passed - -95)