48-148

48-148. Charges for payment of
undertaking

A. The board of directors of the district issuing the bonds shall prescribe charges
and revise them whenever necessary so that any undertaking for which the bonds were
issued shall always remain self-supporting with revenue sufficient:

1. To pay when due all bonds and interest thereon, for the payment of which the
revenue has been pledged, encumbered or charged.

2. To provide for all expenses of operation, maintenance, expansion and replacement
of facilities.

3. To provide reasonable reserves for such purposes.

B. Until the payment of all bonds on an undertaking issued under this article,
neither the receipts nor expenditures in connection with the operation of the undertaking
shall be included in any budget of the district, and the actual expenditures from the
funds, other than for bond interest and redemption, shall be deemed to have been included
in and to have constituted a part of the budget adopted by the district for the fiscal
year in which the bonds were so paid.