95.425. Net income from water and light plants, how applied. - Missouri Statutes

Net income from water and light plants, how applied.

95.425. In case any such bonds shall be issued for thepurpose of paying off any such judgments or decrees alreadyrendered, or which may hereafter be rendered, on account ofindebtedness arising from the purchase or acquisition by suchcity or town of any waterworks, gas works, electric light worksor property from the ownership whereof by the city or town anincome or revenue may be derived, all such income or revenue fromsuch waterworks, gas works, electric light works, or property,after paying the running expenses, the necessary cost of repairsor reasonable enlargements or extension, shall be set aside andused, first, for the purpose of paying interest matured ormaturing upon such bonds during the fiscal year for which suchincome or revenue is received, and the residue of such income orrevenue shall constitute a sinking fund to meet the principal ofsuch bonds when the same shall become due, and shall be kept andinvested and managed as sinking funds of such city or town arerequired to be kept and invested and managed by the laws of thisstate and the charter of such city or town.

(RSMo 1939 § 7459)

Prior revisions: 1929 § 7306; 1919 § 8721; 1909 § 9600