§ 1405. THE USE OF FUNDS.

Latest version.

The funds derived from the water utility and the power utility shall be used only for the following purposes:
(1)

The necessary or proper expenses of conducting each utility; the operation and maintenance of its works, plants, and distributing systems; the acquisition and improvement of facilities; and the publishing of reports.

(2)

The payment of interest and principal on bonds issued for the purposes of said utility.

(3)

The formation of surplus or reserves for future needs of the said utility and for unforeseen emergencies.

(4)

Repayment of advances made from other funds of the City.

                    
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