A water and sewer utility is hereby established in and for the
Borough of Riverdale, which said water and sewer utility shall be
under the control of the Borough Council of the Borough of Riverdale,
in the County of Morris. The name by which it shall be known shall
be the "Riverdale Borough Water and Sewer Utility."
All future revenue and accounting therefor from said water and
sewer 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 and sewer 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 and Sewer Utility
Fund," and all disbursements for the operation and maintenance of
said water and sewer utility shall be taken from said Water and Sewer
Utility Fund.
The dedicated budget of this water and sewer utility shall include
appropriations for operating expenses, capital improvements, debt
services and for the payment of all sanitary water and sewer bonds,
principal interest and all other deferred charges and statutory expenses
as may be required.