(a) If the County issues bonds under this chapter, the county government shall prescribe and collect reasonable service charges for the services and facilities rendered or afforded by the water systems, the revenues of which are pledged to the payment of such bonds, and shall revise such service charges from time to time whenever necessary.
(b) The service charges prescribed shall be such as will procure revenue at least sufficient:
(1) 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
(2) To provide for all expenses of operation and maintenance of such water systems, including reserves therefor.
(c) The service charges when collected shall be applied to the payment of the bonds and interest and to the expenses of such operation and maintenance in accordance with the resolutions authorizing the bonds.