13.90.010 Water and sewer reserve funds.
(1) The town council shall direct the establishment and maintenance of separate and distinct utility reserve accounts to accumulate utility revenues for the purpose of financing long-term system repairs, upgrades, revisions, replacements, and extensions as follows:
(a) Water Cumulative Reserve Fund 402;
(b) Sewer Cumulative Reserve Fund 403; and
(c) Such other utility accounts as the council may direct by ordinance.
(2) The town council may authorize transfers of funds from one utility reserve account to another utility reserve account, or to an ongoing utility operating expense account, by amendment to the town’s annual budget ordinance under the following conditions:
(a) Upon declaration of an emergency by the mayor or the council;
(b) When required by operation of law;
(c) When the town council determines the transfer is necessary for the public safety, proper utility operations, or economic integrity of the town. (Ord. 550 § 2, 2012)