§ 8-1-2-22 — Depreciation fund; management

All money thus provided shall be set aside out
of the earnings and carried in a separate depreciation fund. The money
in this fund shall be applied first to depreciation expenses. Any balance
in the fund, not applied to depreciation expenses, may be invested by
the public utility or expended temporarily by it for new construction,
extensions or additions to its utility property. This fund shall be used
for no other purpose. If invested, the income from the investment shall
be carried into and become a part of the depreciation fund. Any
balance, not applied to depreciation expenses, shall always remain a
part of the depreciation fund. In no event shall moneys, temporarily
expended from this fund for new construction, extensions or additions
to the property, be carried into or considered a part of the capital
account of such public utility. Upon the sale of any public utility
property, to continue in operation as such, the balance in the
depreciation fund, unexpended for depreciation expenses, shall be
transferred to the purchaser and by the purchaser shall be held,
administered and used as herein authorized and required.
Formerly: Acts 1913, c.76, s.25; Acts 1925, c.64, s.2.