12-866. Same; revenue bonds; rates, fees and charges; annual audit, filing.
12-866
12-866. Same; revenue bonds; rates, fees and charges; annual audit,
filing.
(a) The governing body
or other proper officers having the control and management of the
utilities of such city shall provide for the payment of such
bonds by fixing rates,
fees or charges for the use of or services rendered by such utility,
which rates, fees or charges shall be sufficient to pay the cost of
operation, improvement and maintenance of the utility and pay the
principal of and the interest upon such bonds when due.
(b) The city shall cause an audit to be made annually
by a licensed municipal public accountant or certified public accountant
of the operation of any utility for which
revenue bonds have been issued by the city. If the
audit discloses that proper provision has not been made for all of the
requirements of this section, then the governing body or other officers
having the control and management of the water and sewage system of such
city shall promptly proceed to cause to be charged for the utility
service rendered rates which will adequately provide for the
requirements of this section. Within
one year after the end of the audit period of the audit, a copy of the audit
report shall be filed with the clerk of the city and
shall be open to public inspection.
History: L. 1953, ch. 72, § 11; L. 1980, ch. 64, § 2; July 1.