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96.430 Maintenance, operation and depreciation funds -- Rates.

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96.430 Maintenance, operation and depreciation funds -- Rates. At or before the issuance of bonds the city legislative body shall, by ordinance, set aside <br>and pledge the income and revenue of the waterworks into a separate and special fund to <br>be used and applied in payment of the cost thereof and in the maintenance, operation and <br>depreciation thereof. The ordinance shall definitely fix and determine the amount of <br>revenue necessary to be set apart and applied to the payment of the principal and interest <br>of the bonds, and the proportion of the balance of the income and revenues to be set aside <br>as a proper and adequate depreciation account, and the remaining proportion of such <br>balance shall be set aside for the reasonable and proper operation and maintenance of the <br>waterworks. The rates to be charged for service from the waterworks shall be fixed and <br>revised from time to time so as to be sufficient to provide for payment of interest upon all <br>bonds and to create a sinking fund to pay the principal thereof when due, and to provide <br>for the operation and maintenance of the waterworks and an adequate depreciation <br>account. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2741L-9, 2741L-31.