46A-3D-12. Accumulation of capital reserve fund. To carry out the purposes and intent of chapters 46A-3A to 46A-3E, inclusive, a water development district may accumulate funds in a capital reserve fund established by resolution by the directors. The accumulated funds may not revert at the end of a fiscal year and the water development district directors may make expenditures from the capital reserve fund as they deem necessary, consistent with the purposes and intent of chapters 46A-3A to 46A-3E, inclusive.
Source: SL 1984 (SS), ch 1, § 44.
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