THEODORE R. MCKELDIN, GOVERNOR 1237

The term "system" employed in this sub-title shall
include lands or interests therein, buildings, leases, machin-
ery, engines, poles, wires, vehicles, equipment and other
appliances necessary or advisable for the production of
electricity or other power and its transmission to the
point of consumption, together with the lamps and fixtures
required for lighting the streets and alleys aforesaid.

(2) To sell electricity or other power upon such terms
and conditions and for such rates as the Town Commis-
sioners may from time to time determine.

(3) To provide for the collection of such rates and the
discontinuing of any such service.

106. (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 pay for extensions or capital improvements to
said system incurred during such year.

(4) To pay into the general funds of the Town, prior
to December 31st of each year, an amount equal to three
per centum (3%) of the invested capital of the Town in
the fixed properties of said system, such invested capital
to be computed to equal the net equity of the Town in the
depreciated value of the fixed assets of said system as
determined by the annual audit of said system.

(5) To pay into the general funds of the Town an
amount equal to the net income for said system as deter-
mined by the annual audit of said system, less any pay-
ment made under the preceding sub-section (4); provided,
however, that no payment shall be made under this pro-
vision which will reduce the cash funds of said system
below the amount of Fifty Thousand Dollars ($50, 000. 00),
in which case there shall be paid only such amount as will
reduce the cash funds to the amount of Fifty Thousand
Dollars ($50, 000. 00).

107. (Sale or Lease) The Town Commissioners are
hereby authorized and empowered to sell, lease or connect