13-1270. Same; utilities having bonded indebtedness.
13-1270
13-1270. Same; utilities having bonded indebtedness.
The above power of cities to transfer funds from the gross
operating revenue of the utilities, as conferred by this act, shall be
exercised only as to such of their utilities, as have no general obligation
bonded indebtedness.
Any city or the
board of public utilities or other managing boards of any city, where
the utilities above mentioned are managed, operated and controlled by
such boards, may place in their appropriate sinking funds from time to
time sufficient moneys to pay the outstanding general obligation bonded
indebtedness against the
utility, including interest as such indebtedness matures. When this is
done, funds from the gross operating revenue of the utility or utilities
may be transferred in like manner as when the utility or utilities are
free from general obligation bonded indebtedness.
History: L. 1945, ch. 129, § 2; L. 1980, ch. 72, § 18; April 14.