40-1127. Rates and charges

The rates and charges for service furnished pursuant to this article shall be determined by vote of the majority of all of the members of the board. Such rates shall be reasonable, and, insofar as is practical, the revenue derived therefrom shall be sufficient to pay, in the following priority:

1. Interest and principal of the bonds, subject to the applicable provisions of this chapter authorizing issuance and retirement of bonds.

2. Operating expenses of the authority.

3. Repairs, maintenance and depreciation of works and property owned or operated by the authority.

4. Amounts necessary for the purchase, lease, or acquisition of property and equipment.

5. Amounts necessary for the payment of contracts, agreements, leases and other legal liabilities entered into by the authority.

40-1127. Rates and charges

The rates and charges for service furnished pursuant to this article shall be determined by vote of the majority of all of the members of the board. Such rates shall be reasonable, and, insofar as is practical, the revenue derived therefrom shall be sufficient to pay, in the following priority:

1. Interest and principal of the bonds, subject to the applicable provisions of this chapter authorizing issuance and retirement of bonds.

2. Operating expenses of the authority.

3. Repairs, maintenance and depreciation of works and property owned or operated by the authority.

4. Amounts necessary for the purchase, lease, or acquisition of property and equipment.

5. Amounts necessary for the payment of contracts, agreements, leases and other legal liabilities entered into by the authority.