§ 1045-j. Imposition and disposition of sewer and water fees, rates,\nrents or charges. 1. The water board shall establish, fix and revise,\nfrom time to time, fees, rates, rents or other charges for the use of,\nor services furnished, rendered or made available by, the sewerage\nsystem or water system, or both, as the case may be, owned by the water\nboard pursuant to this title in such amount at least sufficient at all\ntimes so as to provide funds in an amount sufficient together with other\nrevenues available to the board, if any, (i) to pay to the authority, in\naccordance with any agreement with the authority, an amount sufficient\nfor the purpose of paying the principal of and the interest on the\noutstanding notes or bonds of the authority as the same shall become due\nand payable and maintaining or funding a capital or debt service reserve\nfund therefor and, to the extent requested by the city in, or annually\npursuant to, the agreement to pay to the city, in accordance with the\nagreement, an amount sufficient for the purpose of paying the principal\nof and interest on general obligation bonds thereof issued for or\nallocable to the water system or sewerage system or both, as the case\nmay be, as the same shall become due and payable, and to maintain or\nfund reserves therefor, (ii) to pay to the city, in accordance with the\nagreement, an amount sufficient for the purpose of paying the costs of\nadministering, maintaining, repairing and operating and the cost of\nconstructing capital improvements to the water system or sewerage system\nor both, as the case may be, (iii) to pay to the city in accordance with\nthe agreement entered into pursuant to section one thousand forty-five-i\nof this title an amount sufficient for the purpose of paying liabilities\nissued for or allocable to the water system or sewerage system or both,\nas the case may be, as the same shall become due and payable, (iv) to\nmeet any requirements of any agreement including requirements relating\nto the establishment of reserves for renewal and replacement and for\nuncollected charges and covenants respecting rates, (v) to pay all other\nreasonable and necessary expenses of the authority and the water board\nin relation thereto, and (vi) to the extent requested by the city in or\npursuant to the agreement, to pay or provide for such other purposes or\nprojects as such city considers appropriate and in the public interest.\nAny surplus of funds remaining in the water board after such payments\nhave been made shall be returned to the city for deposit in the general\nfund.\n 2. There is hereby established in the custody of the water board a\nspecial fund to be known as the local water fund. Such fund shall\nconsist of the revenues derived from the fees, rates, rents and service\ncharges established, charged and collected pursuant to this title and\nany other income earned or moneys received by the water board. Revenues\nin the local water fund shall be kept separate and shall not be\ncommingled with any other moneys in the custody of the water board. All\nmoneys, properties and assets acquired by the water board, whether as\nrevenues or otherwise, shall be held by it in trust for the purposes of\ncarrying out its powers and duties, and shall be used and reused in\naccordance with the purposes and provisions of this article.\n The water board shall deposit promptly, to the credit of the local\nwater fund, revenues collected under this article in a bank, banking\nhouse or trust company as may be designated in or pursuant to the\nagreement.\n 3. No such fee, rate, rent or other charge shall be established, fixed\nor revised unless and until the water board has held a public hearing at\nwhich the users of the water system or sewerage system, or both, as the\ncase may be, the owners of property served or to be served and others\ninterested, have had an opportunity to be heard concerning the same.\nNotice of such public hearing shall be published by t
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