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This entry was published on 2014-09-22
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Undertakings to be self-supporting
General Municipal (GMU) CHAPTER 24, ARTICLE 14-C
§ 410. Undertakings to be self-supporting. The governing body of a
municipality issuing bonds to carry out any of the purposes of this
article shall prescribe and collect reasonable rates, fees, tolls or
charges for the services, facilities and commodities of such
undertaking, and shall revise such rates, fees, tolls or charges from
time to time whenever necessary so that such undertaking shall be and
always remain self-supporting. The rates, fees, tolls or charges
prescribed shall be such as will produce revenue at least sufficient (a)
to pay when due all bonds and interest thereon for the payment of which
such revenue is or shall have been pledged, charged or otherwise
encumbered, including reserves therefor, and (b) to provide for all
expenses of operation and maintenance of such undertaking, including
reserves therefor.