Alabama § 11-81-150 Establishment, Collection, Etc., of Rates, Fees, Tolls, Etc., for Services, Facilities, Etc., of Undertakings

Alabama Statutes

§ 11-81-150 — Establishment, Collection, Etc., of Rates, Fees, Tolls, Etc., for Services, Facilities, Etc., of Undertakings

Alabama·Title 11 Counties and Municipal Corporations·Ch. 81 Municipal and County Bonds·Art. 4 Public Improvement Bonds·Div. 2 Bonds for Certain Revenue-Producing Undertakings

The governing body shall prescribe and collect reasonable rates, fees, tolls, rents or charges for the services, facilities and commodities of any undertaking for the acquisition, construction, reconstruction, improvement, betterment or extension of which revenue anticipation bonds are issued under this division, and shall revise such rates, fees, tolls, rents or charges from time to time whenever necessary so that such undertakings shall be and always remain self-supporting. The rates, fees, tolls, rents or charges prescribed shall be such as will produce revenue at least sufficient to pay when due all bonds and interest thereon for the payment of which such revenue is or shall have been pledged, charged or otherwise encumbered, including reserves therefor, and to provide for all expenses

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The governing body shall prescribe and collect reasonable rates, fees, tolls, rents or charges for the services, facilities and commodities of any undertaking for the acquisition, construction, reconstruction, improvement, betterment or extension of which revenue anticipation bonds are issued under this division, and shall revise such rates, fees, tolls, rents or charges from time to time whenever necessary so that such undertakings shall be and always remain self-supporting. The rates, fees, tolls, rents or charges prescribed shall be such as will produce revenue at least sufficient to pay when due all bonds and interest thereon for the payment of which such revenue is or shall have been pledged, charged or otherwise encumbered, including reserves therefor, and to provide for all expenses of operation and maintenance of such undertaking, including reserves therefor.

Alabama § 11-81-150 (Establishment, Collection, Etc., of Rates, Fees, Tolls, Etc., for Services, Facilities, Etc., of Undertakings) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.