Chapter 5.35
RATE STABILIZATION FUND
Sections:
5.35.010 Debt service payments.
5.35.010 Debt service payments.
District personnel are authorized to transfer moneys deposited in Fund No. 42 (rate stabilization fund) out of Fund No. 42 into debt service payment funds solely for the purpose of making debt service payments. [Res. 859 § 1, 2012.]
5.35.020 Interest.
All interest accruing upon the deposits in Fund No. 42 shall be transferred to Fund No. 49 (2010 bond principal and interest fund). [Res. 859 § 2, 2012.]
5.35.030 Transfer approval.
Any transfers out of Fund No. 42 for a purpose other than for debt service (as authorized by LSSDC 5.35.010) or transfers of accrued interest (as authorized by LSSDC 5.35.020) must be approved in an open public meeting by the Board of Commissioners and documented in written communication to District staff specifying: (1) the source(s) of funds to replace the transferred funds; and (2) a timeline, not to exceed five years, for replacement of the funds being transferred out of Fund No. 42. [Res. 859 § 3, 2012.]
5.35.040 Balance policy.
(1) The withdrawal of $815,903.59 from Fund No. 42 (rate stabilization fund) is authorized and the General Manager is further authorized to use those funds and take the necessary steps to pay principal, and interest, if applicable, on the State Revolving Fund Loan No. L0800014.
(2) The General Manager is authorized to close Fund No. 42. [Res. 1002 §§ 1, 2, 2021.]