[Ord. No. 2020-189, 12-21-2020]
(a)
The Town Council recognizes the establishment of the Town's Water Utility Enterprise and confirms the operation of the Water Utility Enterprise as an "Enterprise" within the meaning of Section 20 of Article X of the State Constitution.
(b)
The Town Council recognizes that the creation and establishment of the Town's Water Utility serves the purpose of managing, maintaining and operating the Town's water system.
(c)
The Town Council designates itself as the governing body of the Water Utility and shall exercise the Town's legal authority relating to the Water Utility Enterprise, but shall not levy a tax.
(d)
The Town Council directs that funds of the Water Utility Enterprise and funds of the Town may be commingled for purposes of investment so long as accurate records are kept of the amount of such funds allocable to the Enterprise and to the Town.
(e)
The Town Council ratifies, approves and confirms all action not inconsistent with the provisions of this Section heretofore taken by Town Council or by the officers and employees of the Town directed toward the operation of the Water Utility Enterprise as an "Enterprise" under Section 20 of Article X of the State Constitution.