Section 3-4-8 - Income from property of a disincorporated municipalityMoney received from the operation of property of a disincorporated municipality shall be used in the following priority:
A. to pay employees engaged in the operation, maintenance and protection of the property; B. to pay the interest on the bonded indebtedness of the municipality; C. to purchase or redeem bonded indebtedness of the municipality; and D. after all bonded indebtedness has been paid, to support the public schools that existed within the boundary of the municipality at the time of its disincorporation. 1953 Comp., § 14-4-8, enacted by Laws 1965, ch. 300.