Authorization of depreciation reserve within proprietary fund

The governing body of a municipality may by resolution create a depreciation reserve within each proprietary fund, as necessary, not to exceed the accumulated depreciation of the fixed assets of the respective fund. Source: SL 1951, ch 247 , § 1; SDC Supp 1960, § 45.0201-1 (9); SL 1978, ch 62 , § 8; SL 1991, ch 72 .