§ 17. Collection, deposit, and distribution of money of the electric distribution system.  


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  • All money collected from the sale of electric current, or received in any way from the use of the electric distribution system, shall be deposited in the city depository and shall be distributed by the board in accordance with the terms of the power contract between the Tennessee Valley Authority and the City of Tuscumbia and of an ordinance dated March 15, 1937, of the City of Tuscumbia authorizing the issuance and sale of electric system revenue bonds of 1937, and all funds shall be distributed by the board as provided by said power contract and by said ordinance. When the bonds issued under the authority of said ordinance dated March 15, 1937, have been fully paid and discharged the board shall no longer be controlled in the distribution of funds by said ordinance, and in the event that the said contract for power between the Tennessee Valley Authority and the City of Tuscumbia should be altered, the said board shall distribute the money received in accordance with such new or changed contract as may be made for the purchase of power, and in the event that restrictions with reference to the disbursement of the money received shall be eliminated from the power contract, then said board shall operate said electric distribution system economically in accordance with the powers and duties imposed upon them by this Act and shall remit the net revenues from the operation of the said electric distribution system to the City of Tuscumbia quarterly thereafter.