The governing body of the municipality shall set the rates for municipal charges, rents, and leases and for services rendered by the municipality in connection with a harbor improvement or facility, the revenue of which is pledged, in an amount sufficient to:

1. (1) pay the expense of operating and maintaining the improvement or facility;
2. (2) pay the interest on the bond as it accrues;
3. (3) pay the principal of the bond as it matures; and
4. (4) maintain the reserve and other funds as provided in the bond authorization, unless otherwise specifically provided for in the bond authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.