Municipal Utilities

Authorizes municipality to transfer portion of its public utility earnings to its general fund; requires that such percentages be established or reestablished by local referendum, subject to majority vote; provides exception to percentage restrictions in event of disaster or emergency; authorizes such percentages to be established by passage of resolution, by four-fifths vote; requires such percentages to be repaid to general fund within specified time period; prohibits municipality from transferring portion of its public utility earnings in certain instances; prohibits ability of municipality to receive certain state funds if such prohibited transfer is effected; requires specified disclosure in budget & financial report of municipality.