A special town fund is hereby created and shall be designated
as the "Town of New Milford Sewerage System Development Fund," which
fund shall be kept separate and apart from all other funds of the
Town. There shall be paid into such fund the proceeds of all special
benefit assessments made by the Sewer Commission to meet, in whole
or in part, the cost of the Town sewerage system and the proceeds
of all notes and bonds issued by the Town for such purpose. The moneys
in the fund shall be used solely for the payment of the development
costs of such sewerage system, including but not limited to the interest
or discount of notes of the Town evidencing temporary borrowings to
meet such costs and the expense of preparing, issuing and marketing
the same. Any balance of moneys in such fund, after payment in full
of the development costs, shall be paid into the bond service reserve
account, which is hereby created.
Ord. of 1-11-1959, § 1
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