§ 1048-j. Imposition and disposition of water fees, rates, rents or\ncharges. 1. The water board shall establish, fix and revise, from time\nto time, fees, rates, rents or other charges for the use of, or services\nfurnished, rendered or made available by, the water system owned by the\nwater board pursuant to this title in such amount at least sufficient at\nall times so as to provide funds in an amount sufficient together with\nother revenues available to the board, if any, (i) to pay to the\nauthority, in accordance with any agreement with the authority, an\namount sufficient for the purpose of paying the principal of and the\ninterest on the outstanding notes or bonds of the authority as the same\nshall become due and payable and maintaining or funding a capital or\ndebt service reserve fund therefor and, to the extent requested by the\ncity in, or annually pursuant to the agreement, to pay to the city, in\naccordance with the agreement, an amount sufficient for the purpose of\npaying the principal of and interest on general obligation bonds of the\ncity issued for or allocable to the water system as the same shall\nbecome due and payable, and to maintain or fund reserves therefor, (ii)\nto pay to the city, in accordance with the agreement, an amount\nsufficient for the purpose of paying the costs of administering,\nmaintaining, repairing and operating and the cost of constructing\ncapital improvements to the water system, (iii) to pay to the city in\naccordance with the agreements entered into pursuant to sections one\nthousand forty-eight-h and one thousand forty-eight-i of this title an\namount sufficient for the purpose of paying liabilities issued for or\nallocable to the water system as the same shall become due and payable,\n(iv) to meet any requirements of any agreement including requirements\nrelating to the establishment of reserves for renewal and replacement\nand for uncollected charges and covenants respecting rates, (v) to pay\nall other reasonable and necessary expenses of the authority and the\nwater board in relation thereto, and (vi) to the extent requested by the\ncity in or pursuant to the agreement, to pay or provide for such other\npurposes or projects as such city considers appropriate and in the\npublic interest. Any surplus of funds remaining after such payments have\nbeen made shall be returned to the city for deposit in the general fund.\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, the owners of property served or to\nbe served and others interested, have had an opportunity to be heard\nconcerning the same. Notice of such public hearing shall be published by\nthe water board at least twenty days before the date set therefor, in at\nleast one newspaper of general circulation in the areas served by the\nwater system. Such notice shall set forth the date, time and place of\nsuch hearing and sha
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