§ 1161.06. Disposition of interest and other income.  


Latest version.
  • (a)

    All interest and other income earned by the trustees of the sinking fund, due to investing the guarantee deposit moneys transferred to them, shall accrue to this account and shall be credited thereto at the end of each calendar year. Such credit shall be made on the basis of the average percentage earned from investments made by the trustees of the sinking fund during the twelve-month period preceding the end of the calendar year for which the credit is to be made.

    (b)

    All interest earned on said deposits in excess of the four (4) percent per annum refunded to the depositor as set forth in Section 1161.07 shall revert to the Electricity System Operating Revenue Fund for the Division of Power.

(Ord. 2972-87; Ord. 422-06 § 2 (part); Ord. No. 2398-2012, § 12, 12-3-2012)