All income and revenue derived from or obtained in the course of the operation of the waterworks of the Municipality shall be placed to the credit of the Water Works General Fund, out of which all the costs and expenses of the operation of the waterworks shall be paid. Annually there shall be paid from such fund into the Sinking Fund of the Municipality an amount sufficient to pay the interest and Sinking Fund charges on bonds which have been or may be issued under authority of ordinances which provide that the interest and Sinking Fund charges on such bonds shall be paid out of the income or revenues of the waterworks. There shall also be paid out of such fund such other and further items as may be properly charged pursuant to law against the income and revenue of the waterworks.
(Ord. 56-03. Passed 3-19-56.)