The Safety-Service Director is hereby authorized and directed to maintain such rates and charges for the products and services of the waterworks system as shall be necessary to pay all costs associated therewith, including debt service and other payments related to bonds and notes issued to extend or improve the waterworks system, and, in accordance with Ohio R.C. 743.04, make any and all adjustments in such rates and charges, at any time, in order to pay all such costs and comply with rate and any other covenants of any and all ordinances or indentures of mortgage authorizing the issuance of or securing debt to finance extensions and improvements to such waterworks system. In addition, the Safety-Service Director is hereby authorized and directed to review annually, by November 1 of each year, the operation and maintenance expenses, debts, service requirements and other requirements of such waterworks system for the succeeding year, including necessary and reasonably foreseeable costs for capital improvements, and, based on such review, to take such action as may be necessary to adjust the rates and charges of such requirements in accordance with rate and other covenants of any and all ordinances or indentures of mortgage authorizing the issuance of or securing debt issued to finance extensions and improvements to such waterworks system.