The city shall establish, maintain and collect nondiscriminatory, reasonable, and just rates or charges for the facilities and service afforded by its waterworks system which shall be sufficient to:
(A) Pay the legal and other necessary expenses incident to the operation of the utility, including maintenance costs, operating charges, upkeep, repairs, depreciation, interest charges on bonds and other obligations, including leases, and 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 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;
(E) Provide adequate money for making extensions and replacements to the extent not provided for through depreciation in division (A) above; and
(F) Provide money for the payment of any taxes that may be assessed against the utility.
(‘79 Code, § 17-64) (Am. Ord. 10-1021, passed 8-24-21)
Statutory reference:
Rates and charges, see I.C. 8-1.5-3-8