Legal Documents of Sweetwater

The board of public utilities shall assume responsibility for meeting all debts and obligations of the waterworks, sewerage works, and gas system. Further, the board shall pay to the municipal general fund each year a tax equivalent payment covering the properties and operations of the waterworks, sewerage works, and gas system. Said tax equivalent payments shall not be inconsistent with the provisions of any outstanding board resolution. This payment shall be in addition to any debt service required to meet the bonded indebtedness of the utilities and shall be in an amount determined by the mayor and board of commissioners at the time of adoption of the annual budget. (1982 Code, § 13-111)