(65 ILCS 5/11-126-6) (from Ch. 24, par. 11-126-6)
Sec. 11-126-6.
All the income received by a municipality from such a system
of waterworks, from the payment and collection of water rents or rates,
shall be kept in a separate fund and shall be applied first in the payment
and discharge of the principal of and the interest on bonds or money
borrowed and used in the construction of the waterworks and of the
operating expenses thereof. Any surplus may be applied in such manner as
the corporate authorities may direct.
(Source: Laws 1961, p. 576.)
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