§ 8-1.5-4-7 — Revenues set aside for operation and maintenance

Indiana § 8-1.5-4-7

• Jurisdiction: Indiana
• Art. 1.5: MUNICIPAL UTILITIES
• Ch. 4: Department of Waterworks in Certain Municipalities

Text

(a) In fixing the proportion of the revenues of
the waterworks department required for operation and maintenance, the
board shall consider the cost of the operation and maintenance of the
waterworks, and may not set aside into the special fund a greater
amount of the revenues and proceeds than, in its judgment, is required
for the operation and maintenance.
(b) If a surplus is accumulated in the operating and maintenance
fund, and that surplus is equal to the cost of maintaining and operating
the waterworks system during the remainder of the current calendar,
operating, or fiscal year and during the next calendar, operating, or
fiscal year, any excess over that surplus may be transferred by the
board to either the depreciation account, to be used for any
improvements, extensions, or additions to the waterworks, or to the
bond and interest redemption account.
As added by Acts 1982, P.L.74, SEC.1.