(A) The Waterworks Commission so created by this subchapter shall have the control of said waterworks plant in its operation, physical management and regulation of rates and in every other respect subject to the requirements and regulations now in force or may be put in force by the Reconstruction Finance Corporation.
(B) The city waterworks were built by funds furnished by the Reconstruction Finance Corporation in 1933, upon certain conditions and requirements as to the fixing of rates, collecting the meter rentals and compensation for water service, and providing that a fund shall be set aside for the purpose of meeting the interest on bonds and the retiring of same.
(C) The Commission shall operate said waterworks plant in accordance with the provisions of the contract and bonds entered into by the City Council and the Reconstruction Finance Corporation.
(D) This Commission is authorized to fix reasonable rates in excess of the amount of money necessary to pay the interest on the bonds and retire the same for the purpose of making repairs and providing for any other necessary operating expense of said waterworks plant. Any rates established by this Commission shall be in conformity to the laws of the commonwealth and the United States of America.
(E) It shall be the duty of said Commission to keep the waterworks plant in repair and good working order and provide against any emergency that may arise.
(Prior Code, § 36.25) (Ord. 132, passed 11-5-1934)