Amend Section 3, 6 and 12 Ordinance No. 4321-60 Concerning acquisition and construction of extensions and additions to the Waterworks

Home Browse Search

Sec. 3. That Section 12 of said Ordinance No. 4321 -60 be and the same is hereby amended to read as follows: Section 12. The City shall, to the fullest extent permitted by law, establish, maintain and collect reasonable and just rates and charges for the services and facilities afforded by said waterworks which will provide revenues at least sufficient to pay the reasonable and proper cost of the mainte- nance and operation of the waterworks, to provide a proper and rea- sonable depreciation account, and to pay the principal of and interest on all bonds which by their terms are payable from the revenues of the waterworks, as the same become due, and provide, each year, a sur- plus or margin of not less than ten per cent (10%) of the principal and interest due in such year. So long as any of the bonds herein authorized are outstanding, none of the facilities and services afforded by said waterworks shall be furnished without a reasonable and just charge be- ing made therefor. The reasonable value of any facility or service ren- dered to the City, or to any department, agency or instrumentality there- of, including the use of water. for hydrants for fire protection or for any other purpose, shall be charged against the City and shall be paid for as the charges accrue, and the revenue so received shall be deemed to be revenue derived from the operation of the waterworks and shall be used and accounted for in the same manner as other revenues derived from the operation of the waterworks. The City covenants to the fullest extent permitted by law, and subject to the approval of the Public Serv- ice Commission, that it will cause to be maintained at least two thousand five hundred seventy -eight (2, 578) fire hydrants and will pay to its water- works department an annual rental of not less than Forty -four Dollars