13-1270.   Same; utilities having bonded indebtedness.The above power of cities to transfer funds from the grossoperating revenue of the utilities, as conferred by this act, shall beexercised only as to such of their utilities, as have no general obligationbonded indebtedness.Any city or theboard of public utilities or other managing boards of any city, wherethe utilities above mentioned are managed, operated and controlled bysuch boards, may place in their appropriate sinking funds from time totime sufficient moneys to pay the outstanding general obligation bondedindebtedness against theutility, including interest as such indebtedness matures. When this isdone, funds from the gross operating revenue of the utility or utilitiesmay be transferred in like manner as when the utility or utilities arefree from general obligation bonded indebtedness.

      History:   L. 1945, ch. 129, § 2; L. 1980, ch. 72, § 18; April 14.