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Session Laws, 1933 Session
Volume 421, Page 924   View pdf image (33K)
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924 LAWS OF MARYLAND. [CH. 493

mission shall have authority and are hereby empowered to
borrow for the utility or utilities of which the revenues are
insufficient from the funds of any other utility having a
surplus in hand and/or to draft upon the Mayor and Coun-
cil to meet such deficiency and said Mayor and Council
shall honor the same out of any funds in their hands unap-
propriated to special purposes, and should the Mayor and
Council not have the necessary funds or provision therefor
to meet such drafts, then the Mayor and Council are author-
ized and empowered to borrow on the faith and credit of
the town or raise by a special tax the funds necessary to
meet the deficiency. The said Easton Utilities Commission
shall be and they are hereby further directed and required
to so revise from time to time the rates, or the rate sched-
ule, so far as may be found practical, that the gross reve-
nue from each of the municipally owned revenue producing
utilities, except the sewerage system, will be adequate for
the cost and the expense of properly keeping up, operating
and providing for the indicated normal increase in demand,
of the said utility, and to repay with interest, within a
period of five years any amount that may be advanced or
may have been heretofore advanced by the Mayor and
Council, or advanced from the funds of any other utility,
for the purpose of meeting a deficiency as above outlined;
and to provide for an annual return to the Mayor and Coun-
cil of Easton, a sum equal to five per centum of the invested
capital in the electric department of said utilities; and said
Commission shall likewise so revise from time to time the
rates, or the rate schedule, of each of the municipally
owned utilities that funds will not accumulate beyond the
reasonable requirements of properly keeping up, operating
and providing for the indicated normal increase in de-
mand of the said utility; and the payment of the annual
return to the Mayor and Council of Easton, of five per cen-
tum on the invested capital in the electric department, as
aforesaid, which said sum shall be paid into the general
funds of the Mayor and Council of Easton on or before the
thirty-first day of December, of each year, beginning De-
cember 31, 1933; the said payment to be calculated upon
the sum of $225, 000, which sum shall be deducted from the
accumulated net. gain of the Electric Department, now
amounting to $247, 263. 49, as shown on the audit of said
Utilities Commission for the year ending December, 1932,
duly filed among the records of the Public Service Commis-
sion, and set up upon the books of the said Utilities Com-
mission as "Invested Capital"; and the sum remaining of
the said net gain in the amount of $22, 263. 49 shall be car-

 

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Session Laws, 1933 Session
Volume 421, Page 924   View pdf image (33K)
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