Notwithstanding the proviso contained in the definition of “public utility” in § 39-1-2, chapters 1 — 5 of this title shall apply to the water district created by this chapter and to the governing body thereof, and notwithstanding anything contained in this chapter with respect to fixing rates and collecting charges, rates and charges of the district and/or authority shall be established in accordance with and subject to the provisions of chapters 1 — 5. Until so established, the rates and charges that were in effect at the time when the authority acquired properties pursuant to the provisions of § 39-16-8, shall continue in full force and effect.