18-504. Revenue bonds; payment; sinking fund; rates; rights of holders of bonds.
(1) Revenue bonds which are issued, as provided in section 18-502, shall not be a general obligation of the city or village, but shall be paid only out of the revenue received from the service charges as provided in section 18-503.
(2) If a service rate is charged, as a part of the revenue, as provided in subsection (1) of this section, to be paid as provided in this section, such portion of such rate as may be deemed sufficient shall be set aside as a sinking fund for the payment of the interest on such revenue bonds, and the principal of such revenue bonds at maturity.
(3) It shall be the duty of the governing body of the city or village to charge rates for the service of the sewerage system, as referred to in subsection (1) of this section, which shall be sufficient, at all times, to pay the cost of operation and maintenance of such system and to pay the principal of and interest upon all revenue bonds issued, under the provisions of section 18-502, and to carry out any covenants that may be provided in the ordinance authorizing the issuance of any such bonds.
(4) The holders of any of the revenue bonds or any of the coupons of any revenue bonds, issued under subsection (1) of this section, in any civil action, mandamus, or other proceeding may enforce and compel the performance of all duties required by this section and the covenants made by the city or village in the ordinance providing for the issuance of such bonds, including the making and collecting of sufficient rates or charges for the specified purposes and for the proper application of the income from such bonds.
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