§ 15-7-205 — Line fund established; use

All funds derived from the sale of electricity or electric
current shall be placed in a separate fund to be known as
"electric line fund," and be used only for paying the expenses
of operating, maintaining or extending the electric transmission
line, including the transformers and other appurtenances
necessary to its operation, until all of the bonds issued by the
city or town for those purposes have been fully paid. However,
any surplus in that fund, over and above the operating expenses
and the expenses of extending and repairing the plants in any
one (1) year, may be used to provide a sinking fund for the
payment of bonds or to pay the interest or principal on the
bonds.