(a) The authority may enter into service contracts and may adopt resolutions and orders establishing rates and providing for the collection of fees and charges for:
(1) the sale or use of water;
(2) the services of water transmission, treatment, and storage facilities;
(3) liquid waste collection, treatment, and disposal services and facilities;
(4) the sale of power and electric energy; and
(5) any other services or facilities sold, furnished, or supplied by the authority.
(b) The fees and charges must be sufficient to produce revenues adequate to:
(1) pay expenses necessary for the operation and maintenance of the authority’s property and facilities;
(2) pay the principal of and interest on any bonds or other obligations issued by the authority when due and payable;
(3) fulfill any reserve or other fund obligations of the authority in connection with the bonds or other obligations; and
(4) pay any other expenses the board may consider necessary and proper for the authority’s operations.