§ 122-72. Capital expansion and improvement fund.

Latest version.

All connection and contributions-in-aid-of-construction charges shall be deposited in a trust fund in a bank or trust company, which fund is hereby created and designated as the capital expansion and improvement fund. Said fund shall constitute a trust fund and shall be kept separate and distinct from all other funds and used only for the payment of the cost or debt service associated with constructing or acquiring additions, extensions and improvements to the utility system.

(Res. No. 86-116, § 42, 8-14-86)

                    
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