(70 ILCS 3715/13) (from Ch. 111 2/3, par. 236)
Sec. 13.
Whenever revenue bonds are issued under this Act the income and
revenue derived from the operation of the water supply or other waterworks
properties of the authority shall be used only to pay the cost of operation
and maintenance of the waterworks properties, to pay principal of and
interest on any revenue bonds issued hereunder and to provide an adequate
depreciation fund, which fund is hereby defined to be for such replacements
as may be necessary from time to time for the continued, effective and
efficient operation of the waterworks properties of such authority, which
such fund shall not be allowed to accumulate beyond a reasonable amount
necessary for that purpose, the terms and provisions of which shall be
incorporated in the ordinance or resolution authorizing the issuance of the
bonds.
However, the board of trustees shall have power to agree and covenant in
the ordinance or resolution authorizing such revenue bonds that the cost of
operation and maintenance of such waterworks properties shall be defrayed
from the tax authorized by Section 6 of this Act to the extent that the
proceeds of such tax will suffice to meet such cost of operation and
maintenance.
(Source: Laws 1955, p. 1801.)
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