1374 LAWS OF MARYLAND. [CH. 575

103. (Revenues. ) The yearly revenue and receipts from
the said system shall be kept separate and apart from the
other funds of said Town, and the same shall be expended
in the following order:

(1) To pay the yearly operating expenses of said system.

(2) To pay the interest on and the redemption of all bonds
falling due in such year, which from time to time have been
or will be issued to improve, sustain or enlarge said system.

(3) To annually retain a reasonable sum to provide ade-
quate working capital for said system.

(4) To annually place a reasonable amount for deprecia-
tion to said system into a depreciation reserve.

(5) To pay for extensions or capital improvements to said
system incurred during such year.

(6) To pay any balance into the general funds of said
Town.

104. (Sale or Lease. ) The Town Commissioners are here-
by authorized and empowered to sell, lease or connect with
other sources of electrical supply the municipal electric light-
ing and power system consisting of dynamos, exciters, boilers,
transformers, engines, motors, meters, turbines, poles, pole
lines, franchises, and all equipment belonging thereto, when,
in its judgment an adequate and just price can be obtained
therefor and at the same time proper and adequate terms
and arrangements can be made for the lighting of said Town
and supplying it with electric current and power.

105. (Contract for Sale or Lease. ) When the Town Com-
missioners have received an offer of purchase, lease or con-
nection with any other source of supply for said electric
system and equipment, which in its judgment is adequate,
it may then enter into a written contract with said pur-
chasers, lessees or suppliers, to which said contract a good
and sufficient bond of said purchasers, lessees or suppliers
with sureties to be approved by the Town Commissioners
shall be attached, for the carrying out of the provisions of
said contract of sale, lease or supply of electrical current,
when said sale, lease or connection of supply of electrical
current shall become effective and enforceable under the pro-
visions of this sub-title as hereinafter set forth.

106. (Proceeds from Sale or Lease. ) When the sale or
lease of, or contract of supply, for electrical current for the