Establishment of funds

Each subdivision shall establish the following funds:(A) General fund;(B) Sinking fund whenever the subdivision has outstanding bonds other than serial bonds;(C) Bond retirement fund, for the retirement of serial bonds, notes, or certificates of indebtedness;(D) A special fund for each special levy;(E) A special bond fund for each bond issue;(F) A special fund for each class of revenues derived from a source other than the general property tax, which the law requires to be used for a particular purpose;(G) A special fund for each public utility operated by a subdivision;(H) A trust fund for any amount received by a subdivision in trust.