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Each such borrowing and each such issue cf bonds or notes shall constitute <br /> a separate loan, shall be authori=ed by the affirmative vote of not less than <br /> two-thirds of those present at an Annual or Special meeting of the District, <br /> and shall be upon the full faith and credit of the District. All bonds or notes <br /> issued under the provisions of this act shall be obligatory upon the District <br /> and its inhabitants and the property within the limits cf the District according <br /> to the tenor and purport thereof. The District shall, at the time of authorizing <br /> said loan or loans, provide for the payment thereof as authorized hereunder, <br /> and, when a vote to that effect has been passed, a sum which, with available <br /> income derived from water rates, shall be sufficient to pay the annual expense <br /> of operating its waterworks and the interest as it accrues on the bonds or <br /> notes issued as aforesaid by the District, and to make such payments on <br /> the principal as may be required under this act, shall without further vote <br /> be assessed upon the District by the District Assessors annually thereafter <br /> until the debt incurred by said loan or loans is extinguished. <br /> SECTION 5. The District, acting by and through said Board of Water <br /> Commissioners, shall, subject to the applicable provisions of law, fix just <br /> and equitable prices, charges, fees and rates for the use of water determined <br /> by the cost of producing the same and shall prescribe the time and manner <br /> of payment. The income of the waterworks shall be available for appropriation <br /> to defray all operating expenses, interest charges and payments on principal <br /> of any loan, as accruing upon any bonds or notes issued under authority of <br /> this act. <br /> If there should be a net surplus remaining at the end of any fiscal <br /> year after the payment of all costs of operation, such net surplus may be <br /> appropriated by a District Meeting for systems development costs as recommended <br /> by the Board of Water Commissioners and in the absence of any such recommendatic-.1 <br /> shall be applied to pay costs of operation for the District for the succeeding <br /> fiscal year. Any systems development charge funds held in a separate account <br /> are to be excluded in the determination of net surplus. <br /> The fiscal yezr of the District shall commence July first and end <br /> June thirtieth, or as otherwise provided in the bylaws of the District. <br /> SECTION 6. If for any reason the revenues and available funds <br /> of the District, including revenues from prices, fees, charges and rates for <br /> the use of water as provided in section five hereof, shall not to be sufficient <br /> to pay the full cost of development and operation of the District, said District <br /> shall have power, by vote at a District Meeting duly called by the Water <br /> Commissioners, to raise and appropriate by a District tax, beginning with <br /> Fiscal Year 1988, sufficient funds to pay the full cost of development or <br /> operation of the District and promptly thereafter the clerk of the District <br /> shall send a certified copy of the vote to the District Assessors, who shall <br /> assess the same on property within the District in the same manner in all <br /> respects in which town taxes are required by law to be assessed. <br /> The Assessors of Mashpec shall be the District Assessors and shall <br /> receive a salary for their services as shall be determined by the Board of <br /> Water Commissioners. The assessment shall be committed to the District <br /> Tax Collector, who shall collect said tax in the manner provided by law <br /> for the collection of town taxes and whc shall deposit the proceeds thereof <br /> with the District Treasurer for the use and benefit of said District. The <br /> h <br />