75-6-326. Rates and charges.
75-6-326. Rates and charges. The governing body shall by appropriate resolution make provisions for the payment of bonds issued pursuant to this part by taxing rates, fees, and charges, for the use of all services rendered by the authority. The rates, fees, and charges must be sufficient to pay the costs of operation, improvement, and maintenance of the authority's water supply or wastewater transportation or treatment system, provide an adequate depreciation fund, provide an adequate sinking fund to retire any bonds and pay interest on the bonds when due, and create reasonable reserves for the enumerated purposes. The rates, fees, or charges must be sufficient to allow for miscellaneous and emergency or unforeseen expenses. The resolution of the governing body authorizing the issuance of revenue bonds may include agreements, covenants, or restrictions considered necessary or advisable by the governing body to effect the efficient operation of the system, to safeguard the interests of the holders of the revenue bonds, and to secure the payment of the bonds and the interest on the bonds.
History: En. Sec. 16, Ch. 498, L. 1999.