§ 42-131. Expense for maintenance of system; reviewing rates.
Latest version.
The rates presently in effect in the city are estimated to be sufficient to provide
for the payment of the expenses of administration and operation and such expenses
for maintenance of the system as are necessary to preserve the system in good repair
and working order, to provide for the payment of the principal of and interest on
the bonds as the same become due and payable, and the maintenance of the reserve therefor
and to provide for all other obligations, expenditures and funds for the system required
by law and this division. In addition, the rates shall be set from time to time so
that there shall be produced net revenues in an amount equal to 120 percent of the
principal of and interest on the bonds coming due in each fiscal year. The rates shall
be reviewed not less than once a year and shall be fixed and revised from time to
time as may be necessary to produce these amounts, and it is hereby covenanted and
agreed to fix and maintain rates for services furnished by the system at all times
sufficient to provide for the foregoing.
