12-866.   Same; revenue bonds; rates, fees and charges; annual audit,filing.(a) The governing bodyor other proper officers having the control and management of theutilities of such city shall provide for the payment of suchbonds 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 ofoperation, improvement and maintenance of the utility and pay theprincipal of and the interest upon such bonds when due.

      (b)   The city shall cause an audit to be made annuallyby a licensed municipal public accountant or certified public accountantof the operation of any utility for whichrevenue bonds have been issued by the city. If theaudit discloses that proper provision has not been made for all of therequirements of this section, then the governing body or other officershaving the control and management of the water and sewage system of suchcity shall promptly proceed to cause to be charged for the utilityservice rendered rates which will adequately provide for therequirements of this section. Withinone year after the end of the audit period of the audit, a copy of the auditreport shall be filed with the clerk of the city andshall be open to public inspection.

      History:   L. 1953, ch. 72, § 11; L. 1980, ch. 64, § 2; July 1.