The Town Council finds that the rates and charges, as adopted, are nondiscriminatory, reasonable, equitable, and just, and are necessary to produce sufficient revenue to:
(A) Pay all the legal and other necessary expenses incident to the operation of the utility including:
(1) Maintenance costs;
(2) Operating charges;
(3) Upkeep;
(4) Repairs;
(5) Depreciation;
(6) Interest charges on bonds or other obligations, including leases; and
(7) Costs associated with the acquisition of utility property under I.C. 8-1.5-2.
(B) Provide a sinking fund for the liquidation of bonds or other obligations, including leases;
(C) Provide a debt service reserve for bonds or other obligations, including leases, in an amount established by the municipality, not to exceed the maximum annual debt service on the bonds, or obligations, or the maximum annual lease rentals;
(D) Provide adequate money for working capital; and
(E) Provide adequate money for making extensions and replacements to the extent not provided for through depreciation.
(Ord. 2015-9, passed 11-18-2015)