Section 313. Special Accounts to be Maintained in the General Fund. —

Local government units shall maintain special accounts in the general fund for the following:

1. Public utilities and other economic enterprises;

2. Loans, interests, bond issues, and other contributions for specific purposes; and

3. Development projects funded from the share of the local government unit concerned in the internal revenue allotment and such other special accounts which may be created by law or ordinance.

Receipts, transfers, and expenditures involving the foregoing special accounts shall be properly taken up thereunder.

Profits or income derived from the operation of public utilities and other economic enterprises, after deduction for the cost of improvement, repair and other related expenses of the public utility or economic enterprise concerned, shall first be applied for the return of the advances or loans made therefor. Any excess shall form part of the general fund of the local government unit concerned.