There is created and established a fund to be designated (with additional designations as deemed useful by the officer or official establishing the account) as the Sewage Utility Operation and Maintenance Fund (the “Operation and Maintenance Fund”) and it shall be credited on the last day of each calendar month with a sufficient amount of revenues of the utility so that the balance in the Operation and Maintenance Fund shall be sufficient to pay the expenses of operation, repair, and maintenance for the then next succeeding two calendar months. Monies credited to the Operation and Maintenance Fund shall be used for the payment of the reasonable and proper operation, repair, and maintenance expenses of the utility on a day-to-day basis, but none of the monies in the Operation and Maintenance Fund shall be used for depreciation, replacement, improvements, extensions, or additions. Any balance in the Operation and Maintenance Fund in excess of the expected expense of operation, repair, and maintenance for the next succeeding month may be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of or interest on the outstanding obligations of the utility.
(1987 Code, § 9-96) (Ord. passed 6-26-2000)