12-631o.   Same; reserve funds; payment or transfer of certain moneys tofund.Any municipality, by resolution of the governing body thereof, mayestablish one or more reserve funds for the future maintenance andoperation of its sewerage system and for the construction of improvementsand expansions to such system. Such reserve fund or funds may beestablished whether the municipality finances such sewerage system as afunction of its general fund or as a separate or combined utility fund, andany moneys budgeted as a revenue of such general or utility fund for thepurposes of the sewerage system may be transferred periodically to suchreserve funds by order of the governing body. Any portion of a capitalcontribution in aid of construction received by a municipality fromindustrial or other large system users, under the provisions of P.L. 92-500or under contractual agreements with such municipality, which money has notbeen credited to a construction or bond payment fund for such seweragesystem, or paid to the federal government under the provisions of P.L.92-500, may be paid to or transferred to such reserve funds.

      History:   L. 1973, ch. 56, § 2; April 20.