A Water Utility is hereby established in and for the Borough
of High Bridge, which said Water Utility shall be under the control
of the Borough Council of the Borough of High Bridge, in the County
of Hunterdon. The name by which it shall be known shall be the "High
Bridge Borough Water Utility."
All future revenue and accounting therefor from said Water Utility
shall be on a dedicated utility basis in conformity with N.J.S.A.
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.