13-1258.   Same; payment of bonds; rates, fees or charges;covenants, agreements and restrictions.Provisions shall be made, by appropriate enactment by the governing bodyof such municipalities or, where such water and light plants are underthe control and the management of the board of public utilities, by theboard, pursuant to the direction of the city, for the payment of thebonds; and it shall be the duty of the governing body of the city or theboard, as the case may be, to fix rates, fees, or charges for the use orservices rendered by such utility or utilities, which rates, fees orcharges shall be sufficient to pay the cost of operation, repair,maintenance, extension, enlargement, alteration, reconstruction andimprovement of such utility and pay the principal of, and interest upon,the revenue bonds when due.

      The ordinance or resolution of any municipality authorizing theissuance of revenue bonds provided for in this section may contain suchother covenants, agreements and restrictions as may be deemed necessaryor advisable by the body enacting the ordinance or resolution to insurethe payment of the revenue bonds authorized and issued hereunder, but inno event shall the holder of such revenue bonds have a lien upon thetangible property constituting the utility or utilities, nor shall theoperation, management, or control of such utility be taken from suchmunicipality or its board.

      History:   L. 1941, ch. 142, § 7; L. 1951, ch. 156, § 4; L. 1980,ch. 72, § 14; April 14.