(A) The Receiving Fund shall be established as a separate depository account of the township by the Treasurer. The revenues and income derived from the collection of rates and charges imposed by § 51.40 of this chapter shall be deposited into the Receiving Fund. The moneys deposited in the Receiving Fund shall be allocated to sub-accounts of the Receiving Fund by the Treasurer as follows:
(1) At the beginning of each quarter of the system’s fiscal year, there shall be allocated to an Operation and Maintenance Account a sum sufficient to pay that quarter’s estimated expenses of operation and maintenance, exclusive of replacement. Any sums remaining in said account at the end of each quarter shall be carried over and applied towards the next succeeding quarter’s expenses for operation and maintenance, exclusive of replacement.
(2) At the beginning of each quarter of the system’s fiscal year and only after the Operation and Maintenance Account is funded in full, there shall be allocated to a replacement account one-fourth of the sum budgeted for replacement for the current fiscal year. The moneys on deposit in this account from time to time shall be accumulated and used only for replacement.
(3) At the end of each fiscal year, there shall be set aside all remaining revenues in the Receiving Fund into a surplus account. The funds in this account, at the option of the Township Board, may be used for any legally permissible purpose reasonably related to the system.
(B) Moneys in the Receiving Fund or any account thereof may be invested as permitted by law and subject to the liquidity needs of the particular account.
(Prior Code, § 70.008) (Ord. 92-2, effective 4-23-1992)