§ 3679 - Finances-Sewer rates; application of revenue
§ 3679. Finances-Sewer rates; application of revenue
(a) The board of sewer commissioners of a consolidated sewer district shall establish rates for the sewer service and all individuals, firms, and corporations whether private, public, or municipal shall pay to the treasurer of the district the rates established by the board. The manner of establishment of the rates shall be in accord with section 3615 of this title. The rates shall be so established as to provide revenue for the following purposes:
(1) to pay current expenses for operating and maintaining the sewer system;
(2) to provide for the payment of interest on the indebtedness created by the district;
(3) to provide each year a sum equal to not less than two percent or more than five percent of the entire indebtedness created or assumed by the district to pay for the cost of the sewer system and improvements thereto, which sum shall be used to pay indebtedness maturing in that year or turned into a sinking fund and there kept to provide for the extinguishment of indebtedness of the district;
(4) if any surplus remains at the end of the year, it may be turned into the sinking fund or used to pay the cost of improvements to the sewer system.
(b) The money set aside for the sinking fund and any increment thereon shall be devoted to the retirement of obligations of the district or invested in such securities as savings banks or fiduciaries or trustees are now or hereafter allowed to hold. The balance of revenue, if any, required to meet expenses shall be apportioned among and collected from member towns as herein provided. (1967, No. 318 (Adj. Sess.), § 8, eff. March 22, 1968.)