(A) The Cash Reserve Fund is hereby established within and on the records of the Municipal Electric Utility, into which fund shall be transferred or contributed surplus earnings of that utility from and after June 3, 1985.
(B) Such surplus earnings are hereby defined as those cash earnings remaining after provision has been made to take care of current obligations, including those for operating expenses, depreciation or replacement fund, sinking fund, bond and interest retirement fund, and any other priority fund requirements fixed by law.
(C) Additional surplus earning from that utility may be deposited in the Cash Reserve Fund by resolution of the Town Council at such time as that Council determines to be proper.
(Ord. 1985-2, passed 6-17-85)