(a) After the execution of the contract for consolidation, the commissioners provided for in § 14-92-302 shall adopt a resolution setting forth their estimate of the cost of retiring outstanding bond issues, together with the cost of the contemplated improvements and betterments, and a brief description thereof, and provide for the issuance of revenue bonds including the amount, rate of interest, time and place of payment, and other details connected with them.
(b) The resolution shall also:
(1) Declare that a statutory mortgage lien shall exist upon the property of the consolidated system;
(2) Fix the minimum rates to be collected prior to the payment of the bonds; and
(3) Pledge the revenues derived from its services for the purpose of paying the bonds and interest.
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