Sec. 7-237. Sinking fund. The legislative body shall provide for the establishment,
from the net revenues of such waterworks system, of a sinking fund for the payment of
the bonds and interest thereon and any charges connected therewith, plus ten per cent
of the amount required for such payment, as a safety margin. Any surplus from the bond
proceeds over the cost of establishing the system shall be paid into said sinking fund.


      (1949 Rev., S. 756.)