There is continued the special fund designated Waterworks Sinking Fund (the Sinking Fund) for the payment of the principal of and interest on the revenue bonds, which by their terms are payable from the net revenues of the waterworks, and the payment of any fiscal agency charges in connection with the payment of bonds and interest. There shall be set aside and deposited in the Sinking Fund, as available, and as hereinafter provided, a sufficient amount of the net revenues of the waterworks to meet the requirements of the Bond and Interest Account and of the Debt Service Reserve Account continued in the Sinking Fund. These payments shall continue until the balance in the Bond and Interest Account, plus the balance in the Debt Service Reserve Account hereinafter described equals the amount needed to redeem all of the then outstanding bonds of the town’s waterworks.
(1996 Code, § 9-142) (Ord. 1994-3, § 13, passed 5-11-1994)