§ 40 — Application of water rents

The rents and receipts of said corporation for the use of water shall first be applied to pay the annual interest as it becomes due, upon the bonds issued by said corporation to the Barton Landing Water Company for the purchase price of its property and privileges, and whenever such rents and receipts shall exceed the amount required to pay such interest, and the interest of any other water bonds of said corporation, it shall be the duty of said corporation to pay such excess, in the necessary repairs, management, and additions to said waterworks; and the balance of such excess, if any, shall be invested by the Treasurer of said corporation, with the approval of the trustees, in the name of said corporation, and the same shall be set apart as a sinking fund, and be applied solely for the payment or purchase of said water bonds or other bonds of said corporation until the full amount of said bonds shall be paid.

Legislative History

(Added 1892, No. 114, § 40.)