§ 37-7-211 — Rates for services

Rates for services furnished by any such system shall be fixed
precedent to the issuance of the bonds. Such rates shall be
sufficient to provide for the payment of the interest upon and
the principal of all such bonds as and when the same become due
and payable, to create a bond and interest redemption fund
therefor, to provide for the payment of the expenses of
administration and operation and such expenses for maintenance
of the system necessary to preserve the same in good repair and
working order, to build up a reserve for depreciation of the
existing system, and to build up a reserve for improvements,
betterments and extensions to the existing system other than
those necessary to maintain the same in good repair and working
order as hereinbefore in this section provided. Such rates shall
be fixed and revised from time to time so as to produce these
amounts, and the court in its order authorizing the issuance of
said revenue bonds shall empower and direct the commissioners of
such power district to agree in and by the terms of said revenue
bonds, and on the face of each bond at all times to maintain
such rates for services furnished by such system as shall be
sufficient to provide for the foregoing.