(a) All water and sewer rates of the Village of Richford in effect at the time of merger shall continue in effect until changed by the water commissioners or sewer commissioners of the Town of Richford. The Selectboard shall be the water and sewer commissioners. All costs of the Water and Sewer Departments shall be assessed against the properties served by said Departments.

(b) Annual water and/or sewer rates shall be set at a rate sufficient to cover annual expenditures, temporary indebtedness, and the amortizing of bonded indebtedness and interest. (Added 1997, No. M-11 (Adj. Sess.), § 2, eff. Jan. 1, 1999.)