County Light and Power Fund: Creation; use; transfer of surplus to county general fund; deficiency. Except as may be otherwise provided in any ordinance, indenture or other proceedings pertaining to any outstanding securities pertaining to the electrical system:
1. All moneys received for service or sale of the electrical energy, power and current distributed by the system and other revenues accruing therefrom or in connection therewith shall be paid by the officer or person collecting the same to the county treasurer. All such moneys shall be placed by the county treasurer in the ............... County Light and Power Fund, which is hereby created.
2. From time to time, the board of county commissioners may set aside such portion thereof as may be necessary or advisable to provide for the maintenance, operation and extension of the system.
3. The surplus receipts, after providing for the expense of operation, maintenance and extension, may be apportioned and used for the payment of interest and for the redemption of the bonds. After the redemption of all bonds and the payment of all interest thereon, any remaining surplus may be transferred to the county general fund.
4. Any deficiency which may be incurred in the ................ County Light and Power Fund by reason of insufficient revenues, or otherwise, shall be a charge upon and shall be paid from the county general fund.
Last modified: February 26, 2006