A Water Utility is hereby established in and for the Borough of Kinnelon,
which said Water Utility shall be under the control of the Borough Council
of the Borough of Kinnelon, in the County of Morris. The name by which it
shall be known shall be the "Kinnelon Borough Water Utility."
All future revenue and accounting therefor from said Water Utility shall
be on a dedicated utility basis in conformity with Revised Statutes of the
State of New Jersey 40A:4-35. All moneys derived from the operation of said
Water Utility and any other moneys applicable to its support shall be segregated
and kept in a separate fund which shall be known as the "Water Utility Fund,"
and all disbursements for the operation and maintenance of said Water Utility
shall be taken from said Water Utility Fund.
The dedicated budget of this Water Utility shall include appropriations
for operating expenses, capital improvements, debt services and for the payment
of all water utility bonds, principal and interest and all other deferred
charges and statutory expenses as may be required.