Section 42, the Local Government Act, 2004, exercising authority

(1) The revenue of the Company for any financial yearshall be applied in defraying the following charges- (a) operating expenses and expenditure on management of the Company, its waterworks and other property, including provision for depreciation of assets; 26 27 Accounts and audit of Financial year of Company. Annual report. Application of revenue. No. 4 Sierra Leone Water Company Act 2017No. 4 Sierra Leone Water Company Act 201728 29 (b) provision of technical services to the District Councils in the provision of rural and community water and sanitation services; (c) the salaries, remuneration, fees, allowances, pensions, gratuities and other benefits of the employees and technical or other advisers of the Board; (d) the remuneration, fees and allowances of the members of the Board; (e) repayment of the principal sums borrowed and sums required to be transferred to a special reserve fund or otherwise set aside for the purpose of making provision for the redemption of stock or other securities or the repayment of other borrowed monies; (f) interest on any loan raised by the Company; (g) such sums as may be payable by the Company to any person or authority under the provisions of this Act or any other law; (h) rates, taxes and other levies, payable by the Company under any law; and (i) any other expenditure authorised by the Company and property chargeable to revenue account. (2) The balance of the revenue of the Company for any financial year may be applied to the creation of general or specific reserve funds to be used for maintaining and improving the overall financial position of the Company and for financing its activities.