250.130. Revenue bonds--amount of net revenue pledged to payment of principal and interest.
Revenue bonds--amount of net revenue pledged to payment of principaland interest.
250.130. 1. Whenever any such city, town or village orsewer district shall authorize and issue revenue bonds pursuantto this chapter an amount sufficient for the purpose of the netrevenues of the sewerage system or of the combined system for thebenefit of which such bonds are issued shall by operation of thischapter be pledged to the payment of the principal of and theinterest on such bonds as the same shall mature and accrue.
2. The term "net revenues" shall be construed to mean allrevenues derived from the operation of such system less theactual and necessary expenses of operation and maintenance of thesystem.
3. It shall be the mandatory duty of the officials of anysuch city, town or village or sewer district charged with thecustody and management of the revenues to be derived from theoperation of such system to provide for the prompt payment fromsuch revenues of the principal of and the interest on any suchrevenue bonds as the same shall mature and accrue.
(L. 1951 p. 638 § 13)