§49-10 Rates, rentals, fees and charges; undertakings and loan programs to be self-sustaining. The governing body issuing revenue bonds pursuant to this chapter shall impose, prescribe and collect, or authorize and require the imposition, prescription and collection of, rates, rentals, fees or charges for the use and services of, and the facilities and commodities furnished by, the undertaking or for the use and services and benefits of the loan program for which the revenue bonds are issued, and shall revise, or require revision of, the rates, rentals, fees or charges from time to time whenever necessary, so that, together with the proceeds of the user taxes derived with respect to the undertaking pledged to the payment of the revenue bonds, the undertaking or loan program shall be and always remain self-sustaining. The rates, rentals, fees or charges imposed and prescribed shall produce revenue which, together with the proceeds of such user taxes, will be at least sufficient:
(1) To make the required payments of the principal of and interest on all revenue bonds issued for the undertaking or loan program, including the payment of all revenue bonds and interest thereon for the payment of which the revenue, or user taxes, or combination of both, are or shall have been pledged, charged or otherwise encumbered, or which are otherwise payable from the revenue, or user taxes, or combination of both, or are payable from a special fund maintained, or to be maintained, from the revenue, or user taxes, or combination of both, including reserves therefor, and to maintain the special fund in an amount at least sufficient to pay when due all revenue bonds and interest thereon which are payable from the special fund, including reserves therefor;
(2) To pay the cost of operation, maintenance, and repair of the undertaking, or to pay the cost of the administration, operation, and maintenance of the loan program, including reserves therefor; and
(3) To carry out the covenants of the resolution or resolutions authorizing the issuance of the revenue bonds, including any covenant as to the minimum amounts of revenue to be produced by the undertaking or loan program for which the revenue bonds are issued. [L 1989, c 80, pt of §3]
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