§ 13.07.1. Transfer of utility retained earnings.

Latest version.

Transfers of retained earnings of any utility of the city shall be made only after retention of sufficient funds to meet all bond covenant requirements, working capital requirements, and other legal requirements, and any such transfer shall be limited to 30 percent of any year's net income of such utility with such transfer to be made in the second succeeding fiscal year and provided further that in no case shall cash transfers be made to the general fund if a utility does not have a minimum of 45 days working capital requirements.

(Acts 1954, Ch. 64, § 1; Acts 1960, Ch. 7, § 1; Acts 1973, Ch. 348, § 1; Acts 1989, Ch. 349, § 1)

(Acts 1954, Ch. 64, § 1; Acts 1960, Ch. 7, § 1; Acts 1973, Ch. 348, § 1; Acts 1989, Ch. 349, § 1)

                    
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