17-540 Waterworks; income; how used; surplus, investment.
17-540. Waterworks; income; how used; surplus, investment.All income received by such cities or villages from public utilities and from the payment and collection of water taxes, rents, rates or assessments shall be applied to the payment of running expenses, interest on bonds or money borrowed and the erection and construction of public utilities; should there be any surplus, it shall be annually created into a sinking fund for the payment of public utility bonds or for the improvements of the works, or into the general fund as the council or board of trustees may direct. The surplus remaining, if any, may, if the council or board of trustees so directs, be invested in interest-bearing bonds or obligations of the United States. SourceLaws 1881, c. 23, § 8, XV, p. 179; Laws 1885, c. 20, § 1, XV, p. 170; Laws 1887, c. 12, § 1, XV, p. 299; Laws 1893, c. 8, § 1, p. 136; Laws 1903, c. 21, § 1, p. 252; Laws 1905, c. 30, § 1, p. 258; Laws 1907, c. 17, § 1, p. 129; R.S.1913, § 5119; Laws 1917, c. 103, § 1, p. 273; Laws 1919, c. 48, § 1, p. 139; Laws 1919, c. 52, § 1, p. 153; Laws 1919, c. 46, § 2, p. 133; C.S.1922, § 4292; Laws 1925, c. 41, § 1, p. 160; C.S.1929, § 17-441; Laws 1935, c. 34, § 1, p. 144; C.S.Supp.,1941, § 17-441; Laws 1943, c. 27, § 1(1), p. 121; R.S.1943, § 17-540; Laws 1969, c. 93, § 1, p. 459.