§ 1115-i. Imposition and disposition of fees, rates, rents or charges.\n1. The water board shall establish, fix and revise, from time to time,\nfees, rates, rents or other charges for the use of, or services\nfurnished, rendered or made available by, the water system or sewerage\nsystem, or both, as the case may be, owned by the water board pursuant\nto this title in such amount at least sufficient at all times so as to\nprovide funds in an amount sufficient, together with other revenues\navailable 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 bonds of the authority as the same shall become due and\npayable 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, any agreement, to pay to the city, in accordance with any\nagreement, an amount sufficient for the purpose of paying the principal\nof and interest on general obligation bonds of the city 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 any\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\nsystem, or both, as the case may be, (iii) to pay to the city in\naccordance with any agreement entered into pursuant to section eleven\nhundred fifteen-h of this title an amount sufficient for the purpose of\npaying liabilities issued for or allocable to the water system or\nsewerage system, or both, as the same shall become due and payable, (iv)\nto 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 any 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 in the water board after\nsuch payments have been made shall be returned to the city for deposit\nin 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 3. 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\nagreements.\n 4. 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 other\ninterested persons, have had an opportunity to be heard concerning the\nsame. Notice of such public hearing shall be published by the water\nboard at least twe
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