In the discretion of the governing body of such independent school district (or within the discretion of the board of trustees, if the Project is under control of a board of trustees) and for such period of time as may be determined by such governing body or board of trustees, such Project may be operated by, or leased for operation to, a company, corporation, or individual, provided that the fees, rent and tolls or rates charged for admission or use of the Project shall be sufficient to yield in the aggregate money necessary to pay the reasonable operation and maintenance expenses, the annual consideration of rental, and a reasonable return to the lessee or operator. The charges and tolls or rates to be charged by such lessee or operator shall be under the control of the governing body of the independent school district or such board of trustees as the case may be. The annual consideration or lease rental to be charged by the independent school district shall not be less than an amount equal to the annual debt service requirements, plus an additional amount to assure establishment and maintenance of the reserves required in such resolution or Indenture. The operating or lease contract may provide for payment of the annual consideration or rental in monthly installments approximately equal, and that failure to pay any required sum when due may be declared to be a breach of contract entitling the independent school district (or board of trustees), under regulations prescribed therein, to declare the lease or operating contract forfeited and to take over the operation and maintenance of such Project.

Laws 1947, p. 518, § 6.