The works and facilities supplying water and sewer services in and to the city as they presently exist and as they may hereafter from time to time be extended are hereby combined and consolidated as a municipal waterworks and sewer system; and so long as any of the revenue bonds hereinafter authorized or permitted to be issued remain outstanding such combined and consolidated municipal waterworks and sewer system shall be owed, controlled, operated, and maintained on a combined and consolidated basis for the security and source of payment of such revenue bonds. The combined and consolidated municipal waterworks and sewer system is hereby declared to constitute a public project within the meaning and application of KRS Ch. 58.
(Code 1977, § 11.010)