§ 20-34. Use of moneys derived from water systems, franchises, etc.
Latest version.
All moneys and revenues derived from or on account of said system of waterworks or
water supplied therefrom or water department or from other property, rights, privileges
or franchises owned, used or connected with said water system or water department
shall be devoted: First, to the payment of the necessary cost of the operation, management
and maintenance of said system and department; second, to the payment of all sums
of interest when and as the same shall become due and payable upon any bonds or obligations
issued on account thereof; third, to the payment of the cost of necessary additions
and extensions; fourth, to the payment of the bonds issued on account of the acquisition,
construction, or extension of said system of waterworks, as they mature annually in
each fiscal year. After all such obligations have been paid and discharged, if there
shall remain any surplus of income, exclusive of surplus heretofore accrued, such
remaining surplus may be used as otherwise provided by law.
