New Jersey Acts Saved from Repeal ACTS SAVED 40 § 141-1(37)

1. In any incorporated town where waterworks have been constructed pursuant to the provisions of the act to which this act is a supplement, the water commissioners shall use and apply the moneys received from the water rents or prices paid for the use of water and interest on arrears of water rents and all other income derived from the said waterworks, first, for the payment of all expenses of raising and distributing of water, and salaries, wages and other necessary expenses of operating and maintaining said waterworks; second, for the payment of the interest upon the debt created for the construction of the works; third, for the creation of a sinking fund to retire said bonds at maturity, which sinking fund shall be created and maintained by setting aside each year a sum sufficient, with accumulations at the rate of three per cent per annum, compound interest, to pay off and discharge the principal of said water bonds at maturity. All the remainder of said water rents, interest and income derived from said waterworks shall be turned over to the governing body of said town, to be used by said governing body for the extension, protection, operation and maintenance of the said waterworks or of the sewer system of said town, if any there be, or for the payment of the interest and principal of the sewer bonds of said town, if any there be.