Sec. 11006.259. CHARGES FOR AUTHORITY SERVICES. (a) If authority bonds payable wholly from revenue are issued, the board shall set and from time to time revise the rates of compensation for water sold and services provided by the authority. The rates must be sufficient to:
(1) pay the expenses of operating and maintaining authority facilities;
(2) pay the principal of and interest on the bonds when due; and
(3) maintain the reserve fund and other funds as provided in the resolution authorizing the bonds.
(b) If bonds payable partly from revenue are issued, the board shall set and from time to time revise the rate of compensation for water sold and any other services provided by the authority. The rate must be sufficient to ensure compliance with the resolution authorizing the bonds or the trust indenture securing the bonds.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016