There hereby is created a fund to be known as the Sewage Works Improvement Fund, to which there shall be transferred or credited any net revenues remaining after the requirements of the Operation and Maintenance Fund and Sewage Works Bond Fund have been met. Money in the Improvement Fund shall be used in making good depreciation in the sewage works or in the construction of extensions, additions or improvements to the system. Money in the Improvement Fund shall be transferred to the Bond Fund if necessary to prevent a default in the payment of principal of or interest on the outstanding bonds or may be transferred to the Operation and maintenance Fund to meet unforeseen contingencies in the operation and maintenance of the sewage works. Money in the Improvement Fund also may be applied to the purchase or redemption of bonds.
('85 Code, § 4-4-19) (Ord. 1983-9, passed 11-8-83)