Section 61-40-10 - Industrial water depot and lateral sales1. An accounting of industrial water depot and lateral sales collected and distributed by the authority must be reported to the state water commission on a monthly basis. Participating member entities shall transfer industrial water depot and lateral sales to the authority within thirty days of receipt of the revenues. The boards of the authority and participating member entities must be notified of the sweep of revenues; however, board approval is not required. Upon the receipt of industrial water depot and lateral revenues by the authority, the authority shall apply immediately all revenues each month in the following order: a. Reimburse the authority for industrial water depot capital improvements and the cost for delivery of potable or nonpotable water sold at industrial water depots and lateral lines, at a cost no greater than the participating member, or submember, if applicable, entity rate at the location of the depot or lateral line.
b. Regular payments on the participating member entity debt as described in the agreements with the authority as of March 31, 2013, and baseline 2010 industrial water sales included in and subject to the terms of the authority and participating member agreements as of March 31, 2013. Baseline 2010 industrial water sales for the city of Tioga in the year 2013 are limited to the lesser of legally permitted industrial water sales or the amount in the member agreement.c. Required monthly payments on state-guaranteed loans. The required transfer must occur no later than the twentieth day of the following month.d. Additional principal payment on state-guaranteed loans.e. Payment to the resources trust fund.2. If the debt has not been repaid, without the written consent of the state water commission the authority may not sell, lease, abandon, encumber, or otherwise dispose of any part of the property used in a water system of the authority if the property is used to provide revenue. Any requirements on the state-guaranteed loans for establishment of reserve funds for operation and maintenance or debt service are waived.3. The western area water supply authority shall make additional payments on the infrastructure revolving fund loan, authorized in section 61-40-14, in any month in which the debt service coverage ratio exceeds one and one-tenth. Debt service coverage ratio means net income before capital expenditures, interest expense, and depreciation expense divided by the sum of interest expenses and the required principal and interest payment.Amended by S.L. 2023, ch. 52 (SB 2020),§ 22, eff. 5/9/2023.Amended by S.L. 2023, ch. 577 (SB 2196),§ 3, eff. 5/9/2023.Added by S.L. 2013 , ch. 490( SB 2233 ), § 19, eff. 7/1/2013.