1) Independent Control. Except as expressly provided in this section, the board exercises and is hereby granted all the powers and duties possessed by the city of Etowah to construct, acquire, expand or operate the utility system. The board, either by itself or by its duly authorized officers and employees, has and maintains full control and complete jurisdiction over the management and operation of the system and may make all contracts and do any and all acts and things that are necessary, convenient or desirable in order to operate, maintain, enlarge, extend, preserve and promote an orderly, economic and businesslike administration of the system. The general manager and every officer, agent and employee having duties embracing the receipt, disbursement, custody, or handling of money shall, before entering upon his duties execute a surety fidelity bond with some surety company authorized to do business in the state of Tennessee, as surety in such amount as shall be prescribed by resolution of the Etowah Utilities Board, except where the amount is prescribed in this charter. All such bonds and sureties thereto shall be subject to the approval of the Etowah Utilities Board. The cost of making such bonds shall be paid by the utility system.
2) Fix Rates. The utility board recommends to the city commission sufficient rates to be charged for services rendered by the water and sewer systems. Such rates shall be fair, reasonable and uniform for all customers in the same class, but different rate schedules may be applied to different classes of customers, as determined by the utility board. Rates within the city may be less but not greater than rates for the same class of service outside the city.
3) Contract, Lease, and Agreements. The utility board has the authority to make contracts with any person, firm, association or corporation, for public utilities and public services to be furnished the utility system and those therein. Such power to make contracts shall embrace the power, expressly conferred, to make exclusive contracts. When an exclusive contract is entered into, it shall be exclusive not only against any other person, firm, association or corporation, but also as against the utility system itself. Such contracts may be entered into for the period of twenty-five years or less, but not longer. The utility board may prescribe in each such contract entered into the rates, fares, charges, and regulations that may be made by the person, firm, association, or corporation with whom the contract is made. Such contracts may, by their terms, apply to the territory within the service area of the utility system as of the date of the contract, and as said the service area thereafter may be enlarged; and to the then existing any other streets, alleys, and other thoroughfares that thereafter may be opened.
All contracts whereby the system agrees to supply electric service, gas, service, water service, or sewer service, or two or more of the foregoing services, for a longer period than one year from the time if the execution of such contract, shall be subject to the condition that the rates at which such service is to be provided after the expiration of one year from the date of the contract, shall conform to the rates being charged other customers for similar service or services. The time limit prescribed in this paragraph for the duration of contracts and agreements shall not apply to bond issues.
4) Sale of Utility. The authority given the board by this section shall not be construed to give the board authority to sell or lease all or a major portion of any division of the system, unless such transaction is approved by the city commission by ordinance, which ordinance shall not be passed as an emergency ordinance.
5) Short Term Loans. The utility board is hereby authorized to borrow money in accordance with the general statutes of the state of Tennessee and the regulations of the comptroller of the state of Tennessee.
6) Improvement Bonds. The utility board may recommend for the issuance of bonds for additions, extensions or other permanent improvements to any one or more of the systems under the jurisdiction and control of the board, but such bonds shall be payable exclusively from the revenues of the system or systems so improved. The issuance of such bonds shall be authorized by a resolution of the board and submitted to the city commission for approval. Said bonds shall be issued under the general statutes of the state of Tennessee and the regulations of the comptroller of the state of Tennessee.
7) Joint Use of Poles and Other Property. The utility board has the power to make agreements or contracts with any person, firm or public or private corporation for the joint use of poles and other property, belonging either to the system or such other person, firm or corporation or belonging jointly to both parties.
8) Eminent Domain. The utility board may recommend to the city commission that the city exercise its right of eminent domain on behalf of the system.
9) Investment of Surplus Funds. The utility board has power to invest its surplus funds in state authorized investments, as found in Tennessee Code Annotated § 6-56-106.
10) To Employ Attorney. The utility board has the power to appoint an attorney or attorneys, to prescribe his qualifications, duties, and fix his compensation.
11) Salaries. The utility board has the power to fix the salaries of all officers and employees of the system. This power may be delegated by the board to the general manager.