Sec. 7-237. Sinking fund. The legislative body shall provide for the establishment, from the net revenues of such waterworks system, of a sinking fund for the payment of the bonds and interest thereon

Sec. 7-237. Sinking fund. The legislative body shall provide for the establishment, from the net revenues of such waterworks system, of a sinking fund for the payment of the bonds and interest thereon and any charges connected therewith, plus ten per cent of the amount required for such payment, as a safety margin. Any surplus from the bond proceeds over the cost of establishing the system shall be paid into said sinking fund. (1949 Rev., S. 756.) (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles)