Sec 11-264.06. Acquisition of sewerage system from municipality; retirement of related bonds of municipality

If a county authorized to operate a sewerage system pursuant to section 11-264 acquires all or any portion of a sewerage system from any incorporated city or town, which sewerage system or portion thereof has been constructed, acquired or improved with proceeds from bonds of any type issued by such city or town, the acquiring county shall provide to the city or town sufficient funds to provide for payment of all principal and interest on any of such bonds remaining outstanding and unpaid as the same becomes due. Until the total amount due or to become due on such bonds has been provided to the incorporated city or town, the acquiring county shall prescribe sewer connection and service charges, and shall revise them when necessary, so that the sewerage system shall produce revenues sufficient to pay the following:

1. Bonds, and interest thereon, issued by the county pursuant to the authority granted in section 11-264.01.

2. Expenses of operation, maintenance, repair and replacement of facilities.

3. Bonds, and interest thereon, issued to construct, acquire or improve the sewerage system by the incorporated city or town from which the county acquired the facilities.