§ 35.02. CASH RESERVE FUND.

Latest version.

(A) The Clerk-Treasurer is hereby directed to establish a Cash Reserve Fund. The Fund shall be operated, maintained, and funded in accordance with IC 8-1.5-3-11.
(B) The funding of such cash reserve funds shall be from surplus earnings as that term is defined by IC 8-1.5-3-11. The Clerk-Treasurer is directed, after the creation of the Cash Reserve Fund, to transfer from that Fund to the Municipal General Fund Budget an amount equal to the actual balance in the Cash Reserve Fund as of June 30, 1986 and June 30 of each calendar year thereafter. The Common Council hereby requests the approval of the transfer of surplus earnings from the municipal utilities to the General Fund for the city from the Utilities Service Board.
(C) The Cash Reserve Fund here created shall be carried on the books and records of the city utilities and the utilities shall make regular monthly contributions or transfers to such Cash Reserve Fund from surplus earnings as that term is defined by IC 8-1.5-3-11(c).
(Ord. 17-1986, passed 4-7-86)

                    
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