13-1254.   Same; revenue fund; use.Revenues derived from the operation of any water and light utilityfinanced in whole or in part by revenue bonds authorized by this act shallbe paid into the treasury of the municipality or into the treasury of itsboard of public utilities and kept in a separate fund, and shall be usedfor the purpose of paying the cost of operation, the repair, maintenance,extension, enlargement, alteration, reconstruction and improvement of suchutilities and the cost of acquiring, operating and maintaining a municipalairport and paying the principal of, and the interest upon, the revenuebonds issued thereunder. Any surplus may be used to pay the principal ofand interest upon any and all general obligation bonds outstanding, issuedfor the purpose of acquiring, constructing, extending or improving saidutilities and the cost of acquiring, maintaining or improving a municipalairport.

      History:   L. 1941, ch. 142, § 3; L. 1951, ch. 156, § 2; March 26.