9-539. General powers of municipality under article
There is vested in a municipality by this article full power:
1. To issue revenue bonds for the purpose of paying the cost of the improvement, reconstruction, extensions and additions to any existing revenue-producing utility of any kind or class at the time owned and operated by the municipality, however acquired.
2. To pledge to the punctual payment of the revenue bonds and interest thereon the revenues of such existing revenue-producing utility, after making reasonable allowance for the cost of maintenance and operation thereof, together with the revenues of such utility undertaking, improvement, reconstruction, extensions and additions thereto for which the revenue bonds are to be issued.
3. To provide in the resolution pertaining to the issuance of revenue bonds for the use and disposition of all revenues pledged therein to the payment of principal and interest of the bonds, including the revenues of the existing revenue-producing utility to the fullest extent provided in the resolution and in addition thereto the revenues of the utility undertaking for which the bonds are to be issued, all on such terms and in such manner as the governing body of the municipality may provide or has in the resolution so provided.