All funds of the sewage works shall be segregated and kept separate and apart from all other funds of the town and shall be deposited in lawful depositories of the town and continuously held and secured as public funds in accordance with the public depository laws of the state. However, money therein may be invested in obligations in accordance with the applicable laws, including particularly IC 5-13-9, as amended or supplemented, and in the event of the investment, the income therefrom shall become a part of the funds invested or transferred as provided herein and shall be used only as provided in this chapter. The Sewage Works Bond Fund shall be deposited in and maintained as a separate bank account or accounts, apart from all other bank accounts of the town. The Operation and Maintenance Fund and the Sewage Works Improvement Fund may be maintained in a single bank account or accounts, but that bank account or accounts, shall likewise be maintained separate and apart from all other bank accounts of the town and apart from the Sewage Works Bond Fund bank account or accounts.
('85 Code, § 4-4-20) (Ord. 1983-9, passed 11-8-83)