of a street on the ground that an improvement of the entire street would necessitate a removal of his buildings. City of Princeton v. Hanna, 187 Ind. 582, 113 N. E. 999, 120 N. E. 598.

See note to sections 8908-8920.

This section, relating to the vacation of streets by cities is not violative of United States Constitution, Amendment 14, and state Const., art. 1, section 21, prohibiting the taking of property without just compensation or without due process of law. Oler v. Pittsburg, C., C. & St. L. R. Co., 184 Ind. 431, 111 N. E. 619.

The court, in a suit to set aside the vacation of a street, properly denied an injunction restraining a railroad company from lowering its tracks, on the ground that the plaintiff had an adequate remedy at law for the invasion of her right of access to her property. Oler v. Pittsburg, C., C. & St. L. R. Co., 184 Ind. 431, 111 N. E. 619.

8911. Remonstrance, contents.

When the petition and notice for the vacation of a street states when the application will be heard, a remonstrance filed on such day is in time. Southern R. Co. v. Town of French Lick, 52 App. 447, 100 N. E. 762.

Remonstrances against the vacation of a street can be filed only for the causes specified in the statute. City of Richmond v. Miller, 58 App. 20, 107 N. E. 550. See note to sections 8908-8920.

8916. Notice by publication.

Notice of proceedings for the vacation of streets, what sufficient when notice is given by publication in a newspaper. Southern R. Co. v. Town of French Lick, 52 App. 447, 100 N. E. 762; City of Richmond v. Miller, 58 App. 20, 107 N. E. 550. 11. PUBLIC UTILITIES.

[Acts 1921, p. 205. In force March 8, 1921.]

8920a. Municipal water works.-1. Any city, town or other municipal corporation may purchase and acquire waterworks to supply such city, town or municipal corporation and the inhabitants thereof with water for public and domestic use, in the manner prescribed in this act.

See sections 10052w3 and 10052z3 Revision of 1914.

8920b. Contract for water supply, approval.-2. Subject to the approval of the public service commission of the State of Indiana, any city, town or other municipal corporation in said state may contract with any person or corporation owning works supplying water to such city, town or municipal corporation for public and domestic use, for the purchase of such works at such price and on such terms as may be agreed upon, such price to be paid in the manner authorized by this act.

8920c. Payment of bonds and interest for water works.-3. Any contract made pursuant to this act shall be authorized by ordinance which shall provide that the principal and interest of bonds issued for the payment of the purchase price of such plant shall be paid solely and exclusively from the income and revenue of such plant.

8920d. Water works fund to be separate and special.-4. The common council or governing body of such city, town or other municipal corporation, shall by ordinance set aside the income and revenues of such waterworks into a separate and special fund, to be used and applied in the maintenance and operation thereof, and in payment of the purchase price thereof. Said ordinance shall fix and determine (a) the proportion of the revenues of such waterworks which shall be necessary for the reasonable and proper operation and maintenance thereof; (b) the proportion of the said revenues which shall be set aside as a proper and adequate depreciation account; and (c) the fixed. proportion of the said revenues which shall be set aside and applied to the payment of the principal and interest of the bonds herein authorized.

8920e. Separation of revenue.-5. In fixing and determining the proportion of the revenues of such waterworks required for operation and maintenance, the common council or other governing authority shall have regard to the cost of operation and maintenance of the waterworks, and shall not set aside into such special fund a greater amount or proportion of the revenues and proceeds thereof than in their judgment shall be properly required for the said operation and maintenance. The sums to be set aside for operation and maintenance shall be used and applied exclusively for that purpose, until the accumulation of a surplus of the amount hereinafter specified.

8920f. Depreciation fund.-6. The proportion set aside to the depreciation fund shall be expended in making good depreciation in the said waterworks or in new constructions, extensions or additions to the property of such waterworks. Any accumulations of such depreciation fund may be invested, and if invested, the income from the investment shall be carried in the depreciation fund. Said fund, and the proceeds thereof shall not be used for any purpose, other than as herein provided.

8920g. Bond and interest redemption account.-7. The fixed proportion which shall be set aside for the payment of the principal and interest of the bonds herein authorized shall from month to month as the same shall accrue and be received, be set apart and paid into a special account in the treasury of said city, town or other municipal corporation, to be identified as "THE BOND AND INTEREST REDEMPTION ACCOUNT," the full title of such account to be specified by the said ordinance. In fixing and determining the amount or proportion which shall be set aside for the payment of the principal and interest of the bonds herein authorized, the common council or other governing authority may provide that the amount to be set aside and paid into the said bonds and interest redemption account for any year or years shall not exceed a fixed sum, which sum shall be at least sufficient to provide for the payment of the interest and principal of the said bonds maturing and becoming payable in each such year, together with a surplus or margin of ten per cent in excess thereof.

8920h. Surplus of operating and maintenance fund.-8. If any surplus shall be accumulated in the said operating and maintenance fund, which shall be equal to the cost of maintaining and operating the said plant during the remainder of the calendar, operating or fiscal year then current, and the cost of maintaining and operating the said waterworks during the calendar, operating or fiscal year then next ensuing, any excess over such surplus may be by said common council or other governing authority transferred to either the depreciation account to be used for any improvements, extensions or additions to the properties of such waterworks, or to the bond and interest redemption account, as said common council or other governing authority may designate.

8920i. Surplus of bond and interest account.-9. If and when a surplus shall be created in the said bond and interest redemption account which shall be in excess of the interest and principal of any bonds becoming payable during the calendar, operating or fiscal year then current, together with the amount of interest or principal of any

bonds which shall become due and payable during the calendar, operating or fiscal year then next ensuing, the said common council or other governing authority may transfer any excess over such surplus to either the operation and maintenance account, or to the depreciation account, which said common council or other governing authorities may designate.

8920j. Operation of two or more water works.-10. Two or more waterworks owned by the same person or corporations, or two or more waterworks subject to the same lien or charge, may be acquired as a single enterprise under any proceeding heretofore begun or hereafter commenced and the governing body of the city, town or other municipal corporation, shall have authority at any time to agree with the owner or owners of any waterworks as to the agreed value thereof, and to purchase or acquire the same hereunder at such value, when approved by the public service commission, after such notice as the public service commission may provide. The character or duration of the franchise, permit or grant under which any waterworks is operated, shall not affect the power of the governing body of any city, town or other municipal corporation to acquire the same hereunder or to agree with the owner thereof for the acquisition thereof at a stated value. Two or more waterworks acquired as a single enterprise hereunder may be operated as a single enterprise for the purposes of this act.

8920k. Bonds authorized to secure debt or charge.-11. The ordinance required by section 4 hereof may also authorize and set apart bonds hereunder equal to the amount of any secured debt or charge subject to which a waterworks may be purchased or acquired in any proceeding heretofore begun or hereafter commenced, and shall set aside for interest and sinking fund from the income and revenues of the waterworks, a sum sufficient to comply with the requirements of the instrument creating the lien or securing the charge, or if such instrument do not make any provision therefor, said ordinance shall fix and determine the amount which shall be set aside into secured debt account from month to month for interest on the secured debt or charge, and a fixed amount or proportion not exceeding a stated sum, which shall be not less than per cent of the principal, to be set aside into said account to pay the principal of the secured debt or charge. Any surplus after satisfying the secured debt or charge, may be transferred to bond and interest redemption account. Waterworks bonds set aside for such debt may, from time to time be issued to an amount sufficient with the amount then in such sinking fund, to pay and retire the said debt or any portion thereof; such bonds may be so issued at not less than par in exchange for, or satis

...

faction of, the secured debt or charge, or may be sold in the manner herein provided, and the proceeds applied in payment of the same at maturity or before maturity by agreement with the holder. A municipality acquiring a waterworks hereunder shall not assume any liability for the payment of a secured debt or charge, other than the obligation to apply the revenues in the manner prescribed in the ordinance. 89201. Bonds for purchase of water works, interest.-12. To provide for the payment of any waterworks purchased or acquired hereunder, the said common council or other governing authority shall be and is hereby authorized to issue and sell bonds bearing interest, at a rate not exceeding six per centum per annum, payable annually or semi-annually, executed in such manner and payable at such times not exceeding fifty years from the date thereof, and at such places as the common council or other governing authority of such city, town or other municipal corporation shall determine, which bonds shall be payable only out of the said special redemption fund. Any and all bonds shall have and are hereby declared to have in the hands of bona fide holders all the qualities of negotiable instruments under the law merchant. In case any of the officers whose signatures or counter-signatures appear on the bonds or the coupons, shall cease to be such officer before the delivery of such bonds to the purchaser, such signature or counter-signature shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office until the delivery of the bonds. Any such bonds and the interest thereon issued against any such redemption fund shall be a valid claim of the holders thereof only against the said special redemption fund and the fixed proportion or amount of the revenues pledged to such fund, and shall not constitute an indebtedness of such city, town or other municipal corporations within the meaning of the constitutional provisions and limitations. Each such bond shall state plainly upon its face that it is payable only from the special fund, naming the said fund and the ordinance creating it and that it does not constitute an indebtedness of such city, town or other municipal corporation within the meaning of the constitutional provisions and limitations. The said bonds may be issued either as registered bonds or as coupon bonds payable to bearer. Coupon and bearer bonds may be registered as to principal in the holder's name on the books of the city, town or other municipal corporation, such registration being noted on the bond by the clerk or other designated officer, after which no transfer shall be valid unless made on the books of the city, town or other municipal corporation by the registered holder and similarly noted on the bonds. Any bond so registered as to principal may be discharged from such registration by being transferred to bearer after which it shall be