Use of down payment

The proceeds of any initial cash payment from the sale of any system of waterworks or gas or electric plants of any town or city shall be applied first to the payment of all unsecured debts owing by the town or city on account of the plant or system. Any remainder shall be turned over to the treasurer of the town or city. Acts 1923, No. 322, § 5; 1927, No. 349, § 1; Pope's Dig., §§ 7394, 10046; A.S.A. 1947, § 19-3910. The proceeds of any initial cash payment from the sale of any system of waterworks or gas or electric plants of any town or city shall be applied first to the payment of all unsecured debts owing by the town or city on account of the plant or system. Any remainder shall be turned over to the treasurer of the town or city. Acts 1923, No. 322, § 5; 1927, No. 349, § 1; Pope's Dig., §§ 7394, 10046; A.S.A. 1947, § 19-3910.