91.230. The city shall pay to the board of waterworkscommissioners a reasonable fire hydrant rental for such hydrantsas may be used by the city for the purpose of fire protection,and washing and flushing the streets, crossings, alleys andsewers, which shall in no case exceed a reasonable and just pricetherefor, to be fixed by the concurrent action of the board ofwaterworks commissioners and city council every five years fromthe date of the purchase of said waterworks system. Theinhabitants of the city shall be required to pay reasonable ratesfor the use of water, to be fixed by the board of waterworkscommissioners, to be paid quarterly, and the amount paid by thecity and private consumers shall be sufficient to raise fundsadequate:
(1) To pay the current running expenses for maintaining thewaterworks system, and provide for such extensions and renewalsas may become necessary;
(2) To provide for the payment of the interest on the bondedindebtedness;
(3) To provide each year a sum equal to not less than twonor more than five percent of the entire bonded indebtednessherein provided for, which sum shall be turned into a sinkingfund to provide for the final payment and extinguishment of thebonded debt; provided, that the rates in force at the time oftaking over any such property shall not be reduced for the firstfive years, at which time they may be reduced by the board ofwaterworks commissioners, if it is apparent that the rates arehigher than necessary to operate and maintain the plant, payinterest on the bonds, and create a sinking fund for the paymentof said bonds at the end of twenty years, in which event it shallbe the duty of the said board of waterworks commissioners to makea suitable reduction. Said sinking fund to remain in thedepositary to be selected as herein provided, and to drawinterest.
91.230. The city shall pay to the board of waterworkscommissioners a reasonable fire hydrant rental for such hydrantsas may be used by the city for the purpose of fire protection,and washing and flushing the streets, crossings, alleys andsewers, which shall in no case exceed a reasonable and just pricetherefor, to be fixed by the concurrent action of the board ofwaterworks commissioners and city council every five years fromthe date of the purchase of said waterworks system. Theinhabitants of the city shall be required to pay reasonable ratesfor the use of water, to be fixed by the board of waterworkscommissioners, to be paid quarterly, and the amount paid by thecity and private consumers shall be sufficient to raise fundsadequate:
(1) To pay the current running expenses for maintaining thewaterworks system, and provide for such extensions and renewalsas may become necessary;
(2) To provide for the payment of the interest on the bondedindebtedness;
(3) To provide each year a sum equal to not less than twonor more than five percent of the entire bonded indebtednessherein provided for, which sum shall be turned into a sinkingfund to provide for the final payment and extinguishment of thebonded debt; provided, that the rates in force at the time oftaking over any such property shall not be reduced for the firstfive years, at which time they may be reduced by the board ofwaterworks commissioners, if it is apparent that the rates arehigher than necessary to operate and maintain the plant, payinterest on the bonds, and create a sinking fund for the paymentof said bonds at the end of twenty years, in which event it shallbe the duty of the said board of waterworks commissioners to makea suitable reduction. Said sinking fund to remain in thedepositary to be selected as herein provided, and to drawinterest.
91.230. The city shall pay to the board of waterworkscommissioners a reasonable fire hydrant rental for such hydrantsas may be used by the city for the purpose of fire protection,and washing and flushing the streets, crossings, alleys andsewers, which shall in no case exceed a reasonable and just pricetherefor, to be fixed by the concurrent action of the board ofwaterworks commissioners and city council every five years fromthe date of the purchase of said waterworks system. Theinhabitants of the city shall be required to pay reasonable ratesfor the use of water, to be fixed by the board of waterworkscommissioners, to be paid quarterly, and the amount paid by thecity and private consumers shall be sufficient to raise fundsadequate:
(1) To pay the current running expenses for maintaining thewaterworks system, and provide for such extensions and renewalsas may become necessary;
(2) To provide for the payment of the interest on the bondedindebtedness;
(3) To provide each year a sum equal to not less than twonor more than five percent of the entire bonded indebtednessherein provided for, which sum shall be turned into a sinkingfund to provide for the final payment and extinguishment of thebonded debt; provided, that the rates in force at the time oftaking over any such property shall not be reduced for the firstfive years, at which time they may be reduced by the board ofwaterworks commissioners, if it is apparent that the rates arehigher than necessary to operate and maintain the plant, payinterest on the bonds, and create a sinking fund for the paymentof said bonds at the end of twenty years, in which event it shallbe the duty of the said board of waterworks commissioners to makea suitable reduction. Said sinking fund to remain in thedepositary to be selected as herein provided, and to drawinterest.
