In accordance with IC 8-1.5-3-13, the Clerk-Treasurer is hereby authorized to invest the surplus money on deposit in any of the funds of the municipally owned utilities and to sell or liquidate the investments as money is required or for the purpose of reinvestment. Investment shall be made and earnings or capital gains deposited in the same manner as prescribed for investment of other town money, except that any interest earnings attributable to invested money from any utility bond sinking fund shall accrue to and be deposited in the sinking fund rather than in the town's General Fund. Notwithstanding any other provision, the Clerk-Treasurer, for the purposes of this section, may issue a check on any utility fund, including a sinking fund, to make or purchase the investment and to pay any associated transaction fees or other necessary charges deriving from the making, purchase, sale or liquidation of the investment.
('85 Code, § 4-1-1) (Ord. 1985-C9, passed 9-16-85)