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(1)
(a) The board of trustees may fix the rates, charges, and assessments, from time to time, at which the district:
(i) sells water; or
(ii) charges for the treatment or transportation of water or for the dedication of water supplies or water treatment or conveyance capacities.
(b) The rates, charges, and assessments may be established by agreement between the district and the municipalities serviced by the district.
(2) Rates fixed under Subsection (1)(a) shall be equitable, although not necessarily equal or uniform, for like classes of service throughout the district.
(3) Each agreement described in Subsection (1)(b) entered into before April 30, 2007 that otherwise complies with the law is ratified, validated, and confirmed.