N.Y. General Municipal Law § 410: Undertakings to be self-supporting

§ 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.