§ 1230-j. Imposition and disposition of fees, rates or charges. 1. The\nwater board shall establish, fix and revise, from time to time, fees,\nrates or other charges for the use of, or services furnished, rendered\nor made available by, all projects, the facilities and system owned,\nleased or utilized by the water board pursuant to this title in an\namount at least sufficient at all times so as to provide funds in an\namount sufficient, together with other revenues available to the board,\nif any, (a) to pay to the authority, in accordance with any agreement\nwith the authority, an amount sufficient for the purpose of paying the\nprincipal of and the interest on the outstanding bonds of the authority\nas the same shall become due and payable and maintaining or funding a\ncapital or debt service reserve fund therefor, if any, or any other fund\ndetermined necessary by the authority, and, to the extent requested by\nthe city or any municipality in, or annually pursuant to, any agreement,\nto pay to the city or any municipality, 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 or any\nmunicipality issued for or allocable to the facilities of the system, as\nthe same shall become due and payable, and to maintain or fund reserves\ntherefor, (b) to pay to the city or any municipality, in accordance with\nany agreement, an amount sufficient for the purpose of paying the costs\nof administering, maintaining, repairing and operating and the cost of\nconstructing capital improvements to the system, (c) to pay to the city\nor any municipality in accordance with any agreement entered into\npursuant to section twelve hundred thirty-h of this title an amount\nsufficient for the purpose of paying liabilities issued for or allocable\nto the system, as the same shall become due and payable, (d) to pay to\nthe city or any municipality, in accordance with this title or any\nagreement entered into pursuant to this title, an amount sufficient for\nthe purpose of paying any payment in lieu of taxes as the same shall\nbecome due and payable, (e) to raise an amount sufficient for the\npurpose of paying the costs of administering, managing, maintaining,\nrepairing and operating any system facility, (f) to meet any\nrequirements of any agreement, including requirements relating to the\nestablishment of reserves for renewal and replacement and for\nuncollected rates, fees or other charges and covenants respecting rates,\n(g) to pay all other reasonable and necessary expenses of the authority\nand the water board in relation thereto, and (h) to pay or provide for\nsuch other purposes or projects as the water board considers appropriate\nand in the public interest.\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.\nSubject to any agreements made by the water board in connection with the\nissuance of any bonds of the authority, all moneys, properties and\nassets acquired by the water board, whether as revenues or otherwise,\nshall be held by it in trust for the purposes of carrying out its powers\nand duties, and shall be used and reused in accordance with the purposes\nand 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 fee, rate or other charge shall be established, fixed or revised\nunless and until the water boa
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