Legal Documents of Sweetwater

The board shall operate the system, collect, handle, and distribute its funds strictly in accordance with the provisions of outstanding bond resolutions, adopted by the mayor and board of commissioners of the City of Sweetwater, Tennessee, relating to the board of public utilities. The board shall keep such accounting records, shall maintain such funds and accounts, shall set aside such revenues, and make such distributions as provided for in outstanding bond resolutions. It shall also be the duty of the board to pay promptly into the general fund of the City of Sweetwater the full amount due for tax equivalent as well as any other sum that may be due the general fund of the City of Sweetwater. Said board of public utilities shall have no power to expend, pledge, or distribute any sum due the general fund of the City of Sweetwater; and shall levy and collect such rates as may be necessary and in conformity with the Tennessee Valley Authority contract, to produce sufficient revenue to pay said charges promptly. (1982 Code, § 13-106)