The revolving fund used in the operation of the waterworks system of the former City
of Nashville, as provided in section 15 of article 22 of chapter 246 of the Private
Acts of 1947, is hereby continued in full force and effect for the use and benefit
of the department of water and sewerage of the metropolitan government. This fund
shall be used solely for paying the cost of improvements or extensions of the water
system of the metropolitan government and for the purpose of making replacements in
said system or purchasing and installing new capital equipment as part of said system.
Whenever money in such fund shall be used for said purposes, the money so used shall
be replaced in said fund from the first revenues received from the operation of the
waterworks system which are not pledged for some other purpose until the fund is again
restored to the amount of two hundred thousand ($200,000) dollars; provided, however,
that revenues so used for the purpose of replacing money expended from such fund shall
not be required to be so used in any one year in an amount exceeding ten (10%) percent
of the gross revenues received from the operation of the waterworks system in such
year. The council, in its discretion, may provide for the placing of additional revenue
in such fund for the purpose of establishing it in a larger amount than the minimum
of two hundred thousand ($200,000) dollars herein provided. No proceeds of such fund
shall be used for the payment of current costs of operating and maintaining the waterworks
system of the metropolitan government or for the purchase of tools, operating supplies
or similar equipment. No provision of this section shall be construed to authorize
the issuance of additional bonds for the foregoing purposes.
var val = document.getElementById('citecontent').innerHTML;
art.dialog.defaults.title = window.location.href;
art.dialog.data('cite', val);
art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');
