(a) The comptroller of the treasury shall cause to be filed with the board a copy of the audited annual financial report of a financially distressed utility district prepared pursuant to § 7-82-401 within sixty (60) days from the date that the audit is filed with the comptroller of the treasury.
(b) After reviewing the audited annual financial report and operations of the financially distressed utility district, and after holding a public hearing within the service area of such utility district, the board may prescribe a rate structure to be adopted by the financially distressed utility district to cause such utility district to eliminate negative changes in net position, to liquidate in an orderly fashion any deficit total net position or to cure a default on any indebtedness of the district, or any combination of these.
(c) In the event the board of commissioners of the financially distressed utility district fails to adopt the prescribed rate structure, the utility management review board shall petition the chancery court in a jurisdiction in which the utility district is operating to require the adoption of the rate structure prescribed by the board or such other remedial actions that, in the opinion of the court, may be required to cause the utility district to be operated in accordance with state law.
(d) Notwithstanding any other law to the contrary, nothing in this section shall preclude a public utility district from operating water and sewer systems as individual or combined entities.
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