There is hereby created a fund designated as the "water and electric revenue bond reserve fund." There shall be transferred monthly from the water and light fund, and deposited into the water and electric revenue bond reserve fund the sum of three thousand dollars ($3,000.00). Such transfers and deposits shall continue until the balance in the aforesaid bond reserve fund shall equal one hundred thousand dollars ($100,000.00). Such fund shall be used only for the payment of the principal of and the interest on the water and electric revenue bonds of the city issued under date of May 1, 1948, and only then when other funds are not available to meet such payments. Should such funds be reduced or depleted by reason of meeting any of such water and electric revenue bond obligations, additional transfers and deposits, at the rate of three thousand dollars ($3,000.00) per month as hereinbefore provided, shall be made until such fund shall be replenished and shall have credited thereto not less than the aforesaid one hundred thousand dollars ($100,000.00).

(Code 1964, § 15.060)