(70 ILCS 3705/21) (from Ch. 111 2/3, par. 208)
Sec. 21.
Whenever revenue bonds are issued under Section 16 of this Act
the income and revenue derived from the operation of the waterworks
properties of the district 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 district, 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 authorizing the issuance of the bonds.
(Source: Laws 1951, p. 1615.)
|