§ 21-155. Establishment and revision of rates and charges.

(a) The city shall establish a schedule of rates and charges to produce revenues from the utility system sufficient to pay the cost of maintaining, repairing and operating the utility system and leave a balance of such revenues so as to pay, when due, the principal and interest on the utility system revenue bonds of the city and accumulate and maintain prescribed revenues therefor and for renewals, replacements and betterments.

(b) The schedule of rates and charges established by this article shall be automatically adjusted annually beginning on October 1, 2008 to reflect an increase based on June's annual CPI or two and one-half (2.5) percent, whichever is greater, without further need for commission action.

(c) The schedule of rates and charges and the percent of automatic annual CPI increase shall be reviewed periodically and revised from time to time as may be necessary to produce revenues from the utility system sufficient to pay the cost of maintaining, repairing and operating the utility system and leave a balance of such revenues so as to pay, when due, the principal and interest on the utility system revenue bonds of the city and accumulate and maintain prescribed revenues therefor and for renewals, replacements and betterments.

(d) No rates, fees, rentals or other charges shall be reduced so as to render them insufficient to provide revenues in each year sufficient to pay the requirements for maintenance, repair and operating expenses and principal, interest and all reserve account payments or to comply with the rate covenants of utility system revenue bonds.

(Ord. No. 96-06, § 1, 5-21-96; Ord. No. 2001-06, § 1, 5-15-01; Ord. No. 01-12, § 1, 9-18-01; Ord. No. 2007-37, § 1, 9-18-07)

Editor's note

Section 3 of Ord. No. 2007-37 provided for an effective date of Oct. 1, 2007.

refnote

Formerly § 21-115.