§ 703-11. Water rates and revenues

(a) Notwithstanding the provisions of 24 V.S.A. § 3311, the Board of Water Commissioners of the District shall establish rates for the water and services by meter service, and all firms and corporations, whether private, public or municipal, shall pay to the Treasurer of the District the rates and stand-by charges established by the Board of Water Commissioners. An additional charge may be made by the District in addition to the uniform base rate where water is supplied to a member town through the system of another member town. The determination of any rate except as it may be otherwise provided in this chapter shall be in the discretion of the commissioners. The Board of Water Commissioners may also enter into a contract with member and nonmember municipalities for the supply of water over a period of years. All rates shall be so established as to provide revenue for the following purposes:

(1) To pay current expenses for operating and maintaining the water systems;

(2) To provide for the payment of interest and principal on the indebtedness created by the District;

(3) If any surplus remains at the end of the year, it may be turned into a sinking fund or used to pay the cost of improvements to the water system.

(b) The money set aside for the sinking fund and any increment thereon shall be devoted to the retirement of obligations of the District or invested in such securities as savings banks or fiduciaries or trustees are now or hereafter allowed to hold. The balance of the revenue, if any, required to meet said expenses shall be apportioned among and collected from member towns as herein provided. (Added 1971, No. 135, § 11; amended 1971, No. 266 (Adj. Sess.), § 3.)