In the event all required monthly payments into the Operation and Maintenance Fund and the Sinking Fund, including the Bond and Interest Account and the Debt Service Reserve Account, have been met to date, and the reserve requirement has been accumulated in the Debt Service Reserve Account (or within five years from the date of delivery of the bonds, the required payments to date have been made to the Debt Service Reserve Account), then any excess net revenues may be transferred into the fund hereby created and established to be designated (with additional designations as deemed useful by the officer or official establishing the account) as the Sewage Utility Improvement Fund (the “Improvement Fund”), and the Improvement Fund shall be used for depreciation, improvements, replacements, additions, and extensions of the utility. Monies in the Improvement Fund shall be transferred to the 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 Sinking Fund, or may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation and maintenance of the utility.
(1987 Code, § 9-98) (Ord. passed 6-26-2000)