Members of the board of trustees are eligible to any office under the board. The trustees are entitled to receive as compensation for their services an amount to be determined by them not to exceed $300 each per year, but if they fail to determine a salary they are entitled to receive $10 each for each meeting of the board that they attend and approved by the municipal officers as required by the Maine Revised Statutes, Title 38, section 1252, subsection 5. The treasurer may be allowed such compensation as the trustees determine.

Sec. 4. P&SL 1963, c. 146, §18, 3rd ¶ is amended to read:

The sewer rates, tolls, rents and entrance charges shall must be so established as to provide revenue at least sufficient, together with any other available funds, for the following purposes:

I. To pay the current expenses for operating and maintaining the sewerage, drainage and treatment system: of the district;

II. To provide for the payment of the principal of, premium, if any, and interest on the indebtedness created all bonds and notes issued by the district as those bonds and notes become due and payable;

III. To provide each year a sum equal to not less than 1% nor more than 5% of the entire indebtedness created by the district, which sum shall be turned into a sinking fund and there kept to provide for the extinguishment of said indebtedness create and maintain any reserves required by any trust agreement or resolution securing bonds and notes

and any reserve accounts the trustees may establish, including, but not limited to, capital improvement accounts, capital equipment accounts, credit reserve accounts, sinking fund accounts and capital dedicated reserve accounts. Money set aside for the sinking fund shall be devoted to the retirement of the obligations of said sewer district, and reserve accounts may be invested in such securities as savings banks in this State are allowed to hold;

IV. If any surplus remains at the end of the year, it may be turned into the sinking fund. To provide funds for paying the cost of all necessary repairs, replacements and renewals of the sewerage, drainage and treatment systems of the district; and