(A) It shall be the duty of the Municipal Finance Officer and the Mayor to invest such funds that may have accumulated in the depreciation reserve account.
(B) The interest proceeds shall be applied to the depreciation reserve sinking account to assist in meeting the annual requirement of §§ 50.58 and 50.59 until such time that the balance in the depreciation reserve account has a balance equal to the cost basis of the water treatment plant and the overhead storage reservoir.
(C) Should the annual interest income exceed the annual requirement of § 50.58 to the depreciation reserve account, the excess may be applied to the revenues of the general operations of the water utility by such authorization by the Common Council. At such time when the balance in the depreciation reserve account equals the cost basis of the water treatment plant and the overhead storage reservoir collectively, the interest proceeds may be applied to the revenues of the general operations of the water utility by authorization of the Common Council.
(Prior Code, § 5.0408)