§ 3-7. City loans to utility.

(a) In general.

The City may lend to each utility an amount not to exceed the equivalent to a 60-day cash working capital requirement.

(b) Repayment requirements.

Any such loan shall be repaid by each utility on or before 24 months from the date of such loan, with interest at the rate of average interest earned by the City on its invested funds during the same period.