Skip to code content (skip section selection)
(a) The Board shall from time to time fix, establish, maintain and provide for the collection of rates, fees, and charges for water, sewer, and any other utility services furnished by the Town.
(b) In fixing or modifying rates, fees or charges, the Board may consider the sufficiency of rates, fees and charges, in the Board's judgment, to provide good service to the customers, pay all bonded indebtedness, pay legally required refunds, cover the cost of operation, maintenance, additions, extensions, betterments, and improvements, provide a reasonable return on the Town's investment in utility properties and capital investments, and reimburse the general fund for administrative services and overhead provided and incurred by the Town on behalf of each utility, together with a sum which, in the Board's judgment, is equivalent to that which would have been obtained from a franchise fee or utility occupation tax on the utility.
(c) The Board shall review the adequacy of utility rates, fees and charges at least every five years.
(d) The provisions of this section shall be subject at all times to the performance by the Town of all covenants and agreements made by it in connection with the issuance, sale or delivery of any bonds of the Town, payable out of the revenues derived from the operation of its water, sewer or other utilities, whether such revenue bonds be heretofore or hereafter issued.