(a) The governing body that manages and controls a project under Section 1508.111 shall impose and collect rents and concession charges for the use of the project in an amount sufficient to pay:
(1) all operating and maintenance expenses, depreciation, replacements, salaries, and interest charges;
(2) for an interest and sinking fund sufficient to pay any bonds issued to purchase, construct, maintain, or improve the project; and
(3) any outstanding debt against the project.
(b) The governing body may not allow any free use of or free service in connection with the project.
(c) The charges imposed under Subsection (a) must comply with the requirements of any governmental agency lending or providing funds for the project.