Section 15-7-205 - Line Fund Established; Use

15-7-205. Line fund established; use. All funds derived from the sale of electricity or electric current shall be placed in a separate fund to be known as 'electric line fund,' and be used only for paying the expenses of operating, maintaining or extending the electric transmission line, including the transformers and other appurtenances necessary to its operation, until all of the bonds issued by the city or town for those purposes have been fully paid. However, any surplus in that fund, over and above the operating expenses and the expenses of extending and repairing the plants in any one (1) year, may be used to provide a sinking fund for the payment of bonds or to pay the interest or principal on the bonds.