Chapter 3.77
WATER AND SEWER REVENUE BONDS USDA RESERVE FUND
Sections:
3.77.010 Fund established.
There is hereby created an enterprise fund to be known as the “water and sewer revenue bonds USDA reserve fund” as prescribed by the Washington State Auditor’s Office in RCW 43.09.200. (Ord. C-814 § 2, 2013)
3.77.020 Source of funds.
Moneys to be deposited into this fund include Water and Sewer Revenue Bond, Series 2013B proceeds or other legally available money in accordance with the reserve account requirement as defined in the authorizing bond ordinance. Any interest earnings on moneys invested from this fund shall be deposited into such fund. (Ord. C-814 § 3, 2013)
3.77.030 Use of funds.
The moneys in the fund shall only be used if there is a deficiency in the debt service account established to pay principal and interest on the outstanding Water and Sewer Revenue Bonds, Series 2013B; or if at any time the amount in the reserve fund exceeds the reserve account requirement, such surplus may be deposited in the water and sewer debt service account; or be used for any other purpose as defined in the authorizing bond ordinance. (Ord. C-814 § 4, 2013)