(65 ILCS 5/11-133-3)
(from Ch. 24, par. 11-133-3)
Whenever certificates of indebtedness are issued pursuant to
this Division 133, the entire revenue received from the operation of the
waterworks system shall be deposited in a separate fund, designated as the
water fund of the municipality of ..... This fund shall be used only in
paying (1) the cost of maintenance and operation of the waterworks system,
(2) obligations of the municipality theretofore issued that are payable by
their terms from this revenue, whether in the form of certificates, bonds,
or otherwise, and (3) certificates issued pursuant to this Division 133.
Rates charged for water shall be sufficient to pay the cost of
maintenance and operation and to pay the principal of and interest upon all
of the specified certificates and bonds. These rates shall not be reduced
while any of these certificates or bonds are unpaid.
(Source: Laws 1961, p. 576.)