7-33-9. Rates to be set in amount sufficient to pay operating costs and produce reserves to retire bonds.
133 words·~1 min read·
/sd/title-7/chapter-7-33/7-33-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If revenue bonds are issued pursuant to § 7-33-7 , the board of county commissioners is obligated, until all the bonds and interest thereon are fully paid, to:
(1)Fix such rates and charges and to revise them from time to time in such manner that the collections thereof will be adequate to pay all current, reasonable, and necessary expenses of the operation and maintenance of all facilities whose revenues are pledged for the payment of the bonds; and
(2)Produce net revenues, in excess of such current costs of operation and maintenance, at all times sufficient to pay the principal and interest due on the bonds and to accumulate and maintain reserves for the further security of the bonds in such amounts as may be agreed in the resolutions authorizing the bonds.