(a)   Repairs, alterations, extensions, reconstruction, enlargements or improvements to the water and electric system shall be made pursuant to K.S.A. 10-1201 et seq., and paid for by the issuance of water and electric system revenue bonds pursuant to K.S.A. 10-1201 et seq.
   (b)   To the extent permitted by Kansas statutes, all funds in the city’s current water supply and distribution system and all funds in the city’s current electric system shall be transferred to similarly classified funds of the newly combined water and electric system of the city.
   (c)   The revenues derived from the city’s water and electric utility system shall be used as permitted by law and determined by the governing body in a manner so as not to conflict with or breach any existing covenant contained in any ordinance, resolution or rules of the city regarding the use of funds in the city’s water utility fund or its electric utility fund.
(Ord. 310, Sec. 5:7)