§54-58  Accounts, revenues, andexpenditures.  The board of water supply shall maintain proper accounts insuch manner as to show the true and complete financial status and the resultsof management and operation.  The accounts shall be kept so as to show allcosts of maintenance, extension, and improvement, all operating expenses, allexpenses of the board, and the amounts paid or set aside for depreciation,insurance, pensions, interest, sinking funds, and reserves.

All revenues or moneys derived from thewaterworks or otherwise appropriated for the board, other than funds derivedfrom the sale of bonds, and excepting moneys appropriated by Act 5 of theSpecial Session Laws of 1950 for the construction of a water system for thedistricts of North and South Kona, shall be paid into the treasury of thecounty and maintained by the treasurer in a waterworks fund.  The funds shallbe expended for the following purposes:

(1)  For payment of interest and sinking fund on allbonds issued for the acquisition or construction of waterworks and extensionsthereto;

(2)  For the payment of the operating and maintenanceexpenses of the waterworks, repairs, replacements, additions, and extensions;

(3)  For accident reserve, pension charges, andcompensation and insurance;

(4)  For purchase or development of new sources ofwater; and

(5)  For a reserve fund. [L 1949, c 86, §9; am L 1951,c 171, §1(2); RL 1955, §146-107; HRS §54-58]