The board must set fares, rates, rentals, and charges at levels sufficient to fund bond obligations and operating costs, and it must hold and notice public hearings before certain service and pricing decisions.
§1606. Fares; rates; rentals and charges A. The board shall fix fares, rates, and rentals and charges in such amounts as shall be sufficient in the aggregate, when added to any other grants or funds available to the authority, to provide funds for the payment of the interest on and principal of all bonds, certificates and other obligations payable from said revenues and to meet all other encumbrances upon such revenues as provided by any agreement executed by the authority in connection with the issuance of bonds or certificates under this Act, and for the payment of all operating costs and expenses which shall be incurred by the authority, including provision for appropriate reserves. B. The term "charges" shall include revenues from contracts with local governments within the area under which the authority has agreed to render for them the public transportation service. C. The board shall determine after public hearings as hereinafter provided, the routes, types of constructions, equipment, facilities, and the scope and standards of service to be operated by the authority, the scheduled services to be made available to the public and the amounts to be charged therefor. Before making any determinations as to scheduled services or amounts to be charged therefor, the board shall first hold at least one public hearing after giving notice of the time and place by advertising three times on different days in at least the newspaper having the largest paid circulation in the area not more than ten days nor less than five days prior to the hearings. As to all other matters, the board may hold such public hearings as it may deem appropriate, and as to all public hearings, it may prescribe reasonable rules and regulations to govern such hearings not inconsistent with this Chapter. D. Prior to determining the basic routes over which the authority shall operate its system and stations connected therewith, the board shall consult with the local governing body of the territory involved, and, additionally, shall hold at least one public hearing within the territory of each local government within the area, at which hearing the local governing body, or its representative, and the public may be heard. Added by Acts 1976, No. 638, §1.