The income and revenues of the existing waterworks system, together with the income and revenue of ail extensions, additions, improvements or replacements to the system shall be set aside into three separate and special accounts which are to be used and applied as follows:
(A) Forty percent of the gross revenues of the waterworks system shall be placed into the Operations and Maintenance Account, and shall be used to pay the necessary cost of the reasonable and proper operation and maintenance of the waterworks, including any taxes required to be paid;
(B) Eleven and four-tenths percent of the gross revenues of the system shall be paid into the Depreciation Account, and shall be expended in making good depreciation in the waterworks, or in new construction, extensions or additions to the property of the waterworks system; and
(C) Forty-eight and six-tenths percent of the gross revenues of the waterworks shall, as such revenues are received, be set apart and paid into a special account identified as the Bond and Interest Redemption Account. The funds in this account shall be used solely for the purpose of paying the interest on and principal of bonds which by their terms are payable from the revenues of the waterworks.
(Prior Code, § 8:1:02) (Ord. 78-W-101, passed 2-1-1978; Ord. 78-W-104, passed 5-19-1978; Ord. 1982-01, passed 1-20-1982; Ord. 82-45, passed 5-4-1983; Ord. passed 5-1-1969; Ord. 86-2, passed 6-18-1986; Ord. 86-3, passed 11-5-1986; Ord. 92-04, passed 12-2-1992; Ord. 94-02, passed 6-15-1994; Ord. 2005-7, passed 8-15-2005)