12-631o. Same; reserve funds; payment or transfer of certain moneys to fund.
12-631o
12-631o. Same; reserve funds; payment or transfer of certain moneys to
fund.
Any municipality, by resolution of the governing body thereof, may
establish one or more reserve funds for the future maintenance and
operation of its sewerage system and for the construction of improvements
and expansions to such system. Such reserve fund or funds may be
established whether the municipality finances such sewerage system as a
function of its general fund or as a separate or combined utility fund, and
any moneys budgeted as a revenue of such general or utility fund for the
purposes of the sewerage system may be transferred periodically to such
reserve funds by order of the governing body. Any portion of a capital
contribution in aid of construction received by a municipality from
industrial or other large system users, under the provisions of P.L. 92-500
or under contractual agreements with such municipality, which money has not
been credited to a construction or bond payment fund for such sewerage
system, 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.