If district bonds payable wholly or partly from revenue are issued, the board shall set by contract with the persons who contract with it for a water supply or water or sewer facilities the rates of compensation for water sold and water or sewer services provided by the district. The rates must be sufficient to pay:

1. (1) the expense of operating and maintaining the district and its facilities; and
2. (2) all obligations incurred by the district as they mature, including the reserve fund and other funds as may be provided for the bonds or other contracts under the terms of the bonds or other contracts and as may be provided in the board resolution pertaining to the bonds or other contracts.

Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.