Section: Corporations, associations or societies; effect of repealer on existence, etc., thereof
The fees, rents or charges received from the sale of water and the operation of the waterworks in any municipality governed hereby shall be applied:
a. To payment of all cost and expense of operation, management, maintenance and repairs of said works and such deferred maintenance as the board having charge of the water supply shall deem proper;
b. To the payment of the annual interest on bonds or other obligations issued for the improvement and extension of such waterworks, and the payment of such part of the principal of said bonds or obligations as may be necessary to meet them at maturity; and
c. The excess revenue remaining at the end of each fiscal year may be appropriated by the board or body having charge of the finances for any purpose for which such board or body is authorized by law to levy and collect taxes.
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