IC 8-1.5-4-6: Authority to set aside revenues for operation and maintenance, a depreciation account, and payment of bonds

Sec. 6. The board may fix and set aside:

(1) the proportion of the revenues of the waterworks department necessary for reasonable and proper operation and maintenance;

(2) the proportion of the revenues for a proper and adequate depreciation account; and

(3) the fixed proportion of the revenues to be applied to the payment of the principal and interest of the authorized bonds.