The rates and charges for the services rendered by or from any utility owned or operated by the corporation shall at all times be reasonable for the services so rendered and as low as consistent with good service and prudent management, but shall be sufficient to pay all expenses necessary for the operation of its properties and the maintenance thereof in good operating condition, the payment of the principal of and interest on all bonds issued by it and the creation and maintenance of such reserves for improvements, new construction, depreciation, and contingencies as the board may from time to time prescribe in the exercise of sound judgment and prudent management. In the event the revenues of the corporation shall be in excess of those necessary for said purposes, the corporation shall reduce its said rates and charges as the board may prescribe. All schedules of such rates and charges shall be uniform throughout the power district.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 16 - District Electric Corporations.
Section 11-50-520 - Definitions.
Section 11-50-521 - Authority to Incorporate.
Section 11-50-522 - Procedure for Incorporation.
Section 11-50-523 - Amendment of Certificate of Incorporation.
Section 11-50-524 - Corporate Powers.
Section 11-50-525 - Board of Directors.
Section 11-50-526 - Bonds - Sale or Issuance Generally.
Section 11-50-527 - Bonds - Consent of Department of Finance.
Section 11-50-528 - Bonds - Nature of Obligations.
Section 11-50-529 - Bonds - Rights and Remedies of Bondholders.
Section 11-50-530 - Rates and Charges for Services Rendered.
Section 11-50-531 - Exemption From Taxation.