A. Any request for a change to the rate structure of a water cooperative that receives financing from the U.S.D.A. shall be granted when all of the following requirements are satisfied:
(1) A rate assessment or study has been conducted by a qualified third party.
(2) A majority vote of the board of directors of a water cooperative has been conducted in accordance with the bylaws of the water cooperative and approves the proposed rate structure.
(3) Final approval of the U.S.D.A. has been granted.
B. Any request for a change to the rate structure of a water cooperative that receives financing from the department shall be granted when all of the following requirements are satisfied:
(1) A rate assessment or study has been conducted by a qualified third party.
(2) A majority vote of the board of directors of a water cooperative has been conducted in accordance with the bylaws of the water cooperative and approves the proposed rate structure.
(3) Final approval of the department has been granted.
C. Any request for a change to the rate structure of a water cooperative that receives no financing from a lending entity or that receives financing and the lending entity is neither the U.S.D.A. nor the department shall be granted when all of the following requirements are satisfied:
(1) A rate assessment or study has been conducted by the Louisiana Rural Water Association.
(2) The rate assessment or study conducted by the Louisiana Rural Water Association has been approved by the legislative auditor.
(3) A majority vote of the board of directors of a water cooperative has been conducted in accordance with the bylaws of the water cooperative and approves the proposed rate structure.
D. Any request for a change to the rate structure of a water cooperative that receives financing from multiple lending entities shall be granted when the water cooperative obtains approval in accordance with one of the applicable Subsections of this Section.