§ 15-7-703 — Supplying water; charges; revision; time period; collection

The corporation receiving the franchise to construct and
maintain waterworks shall establish a schedule of prices to be
charged for the use of water by consumers. The governing body
shall revise or amend the schedule, if necessary, so that the
charges are not unreasonable or oppressive. In establishing the
water rates the governing body shall take into consideration the
cost of construction of the water plant and adjust the rates to
be charged upon a basis equitable to all parties. The schedule
of prices agreed upon by the governing body are the prices that
the corporation may charge and receive for the use of water
within the corporate limits. The schedule of prices when fixed
is not subject to revision more often than once every two (2)
years without the permission of the corporation. The governing
body has full authority to collect all water rents and charges
due from consumers.