RATES AND OTHER CHARGES

(a) The board shall establish and collect rates and other charges for the sale or use of water, water connections, power, electric energy, or other services sold, provided, or supplied by the authority. (b) The rates and charges must be reasonable, nondiscriminatory, and sufficient to provide revenue adequate to: (1) pay all expenses necessary to the operation and maintenance of the properties and facilities of the authority; (2) pay the interest on and the principal of all bonds issued under this chapter or its predecessor statute when and as they become due and payable; (3) pay all sinking fund or reserve fund payments agreed to be made with respect to bonds issued under this chapter or its predecessor statute and payable out of that revenue when and as they become due and payable; and (4) fulfill the terms of any agreements made with the holders of bonds issued under this chapter or its predecessor statute or with any person in their behalf. (c) The rates and charges may not exceed what may be necessary to fulfill the obligations imposed on the authority by this chapter.