(65 ILCS 5/11-119-3) (from Ch. 24, par. 11-119-3)
Sec. 11-119-3.
Whenever bonds are issued under this Division 119,
sufficient revenue received thereafter from the operation of the electric
light plant and system, or the gas plant and system, as the case may be, to
pay the cost of maintenance and operation of the plant and system, and the
principal of and interest on all obligations payable from the revenues of
such plant and system, including the bonds issued hereunder, without
limiting the generality of the foregoing, shall be deposited in a separate
fund, designated as the electric light fund of ...., or the gas fund of
...., as the case may be. This fund shall be used only in paying (1) the
cost of maintenance and operation of the plant and system, (2) principal of
and interest upon obligations, in whatever form, of the municipality
theretofore issued that are payable by their terms from this revenue, and
(3) bonds issued under this Division 119.
Rates charged for electric current or gas shall be sufficient to pay the
cost of maintenance and operation and to pay the principal of and interest
upon all of the specified bonds and obligations.
(Source: Laws 1961, p. 576.)
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