(A) Creation. There is hereby created in the City of Washington an Electric Department Improvement Fund.
(B) Purpose. The purpose of the Fund shall be to receive funds from the sale of surplus property, sale of recyclables, and other property of the Washington Electric Department, which funds shall be used for the Washington Electric Department for various purposes. These purposes may include the purchase of a generator for the utility building, the purchase of additional equipment, instruction and training, and providing matching funds for any grants which the Department may receive.
(C) Receipt of funds. The Mayor and Clerk-Treasurer are hereby authorized to receive the aforesaid funds, and to pay bills and charges as they become due for the above-stated purposes.
(D) Duration. The life of the Fund shall be perpetual until terminated by the enactment of a subsequent ordinance.
(E) Disposition upon termination. Upon termination of the Fund, the balance, if any, remaining in the Fund shall revert to the Electric Utility Operating Fund of the City of Washington.
(Ord. 3-2008, passed 3-10-2008)