§ 2-31-322. Maintenance of rates.

The board of county commissioners shall prescribe and collect reasonable rates, fees or other charges for the services and facilities of such utility system and shall revise such rates, fees or other charges prescribed from time to time whenever necessary. The rates, fees or other charges prescribed shall be such as will produce revenues, together with any other pledged funds, at least sufficient:

(a)

To provide for all expenses of operation and maintenance and renewal of such utility system, including reserves therefor,

(b)

To pay when due all bonds and interest thereon, for the payment of which such revenues are, or shall have been, pledged or encumbered, including reserves therefor, and

(c)

To provide for any other funds which may be required under the resolution or resolutions authorizing the issuance of such bonds pursuant to this act [article].

Any refunding bonds issued pursuant to this act [article] shall be deemed to have been issued for the same purpose or purposes for which the bonds or other obligations refunded thereby were originally issued. The provisions of the section shall apply to all bonds issued pursuant to this act [article] for the payment of which, the revenues of said utility system are pledged, and this act [article] shall be construed to require the revenues from such utility system, together with other special funds pledged therefor, to be sufficient to make such utility system fully self-liquidating.

(Ord. No. 14-41, § 39, 10-7-14)