13-1254. Same; revenue fund; use.
13-1254
13-1254. Same; revenue fund; use.
Revenues derived from the operation of any water and light utility
financed in whole or in part by revenue bonds authorized by this act shall
be paid into the treasury of the municipality or into the treasury of its
board of public utilities and kept in a separate fund, and shall be used
for the purpose of paying the cost of operation, the repair, maintenance,
extension, enlargement, alteration, reconstruction and improvement of such
utilities and the cost of acquiring, operating and maintaining a municipal
airport and paying the principal of, and the interest upon, the revenue
bonds issued thereunder. Any surplus may be used to pay the principal of
and interest upon any and all general obligation bonds outstanding, issued
for the purpose of acquiring, constructing, extending or improving said
utilities and the cost of acquiring, maintaining or improving a municipal
airport.
History: L. 1941, ch. 142, § 3; L. 1951, ch. 156, § 2; March 26.