Section 5.5 Duties.
   (a)   The Power Board shall keep the funds, books and accounts of the system separate and apart from all other funds, books and accounts of the Town or any of the departments thereof. The funds of the system, including revenues from the operation thereof, shall be deposited in the name of the Power Board. Such funds shall be disbursed only on voucher signed by the superintendent of the system issued pursuant to resolution or order of the Power Board, a certified copy of which shall be filed in the office of the fiscal agent of the Power Board.
   (b)   The Power Board shall make and file with the Board of Commissioners on the first day of January and the first day of July each year a financial statement showing the financial operations of the system during the preceding six months and the financial condition of the system.
   (c)   The Power Board shall cause to be paid all obligations for which the Town may now be or hereafter become liable because of the ownership and operation of the system. All such obligations which are general obligations of the Town may be paid either directly to those to whom the obligations are owed to the Treasurer of the Town for payment over to those entitled to such payments. This Article shall not in any way impair any obligations heretofore entered into by the Town and shall not change or alter the obligations of any existing contracts, all of which, insofar as they apply to the system, shall be binding on the Power Board.
   (d)   The Power Board shall dispose of its gross revenues from system operations in the following manner:
      (1)   Revenues shall first be used for the payment of all current system operating expenses, including salaries, wages, cost of materials, supplies and services, power at wholesale, and insurance.
      (2)   Next, provisions shall be made for payment of interest on and retirement of indebtedness incurred by the Power Board or the Town for system purposes, including amortization and/ or sinking fund payments thereon.
      (3)   Thereafter, revenues shall be used to establish and maintain reasonable reserves for replacement, new construction and contingencies, and to provide a reasonable amount of cash working capital.
      (4)   Thereafter, the Power Board shall pay into the general fund of the Town an amount in lieu of ad valorem taxes on the property of the system not to exceed the amount of taxes payable on private property of a similar nature.
      (5)   All revenues remaining after making provision for items above enumerated in the order in which they are stated shall be considered surplus revenues to be used solely for system purposes and primarily as a basis for reduction of rates to the electric consumers.