§ 50.01 DEFINITIONS.

   For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.

   BOARD. The Advance Utility Board created under § 50.02 of this chapter.

   REASONABLE AND JUST RATES AND CHARGES FOR SERVICES. Rates and charges that produce sufficient revenue to:

      (1)   Pay all legal and other necessary expenses incident to the operation of the utility, including:

         (a)   Maintenance;

         (b)   Operating coast;

         (c)   Upkeep;

         (d)   Repairs;

         (e)   Depreciation; and

         (f)   Interest charges on bonds or other obligations.

      (2)   Provide a sinking fund for the liquidation of bonds or other evidences of indebtedness;

      (3)   Provide adequate money for working capital;

      (4)   Provide adequate money for making extensions and replacements to the extent not provided for through depreciation in division (1) above; and

      (5)   Provide money for the payment of any taxes that may be assessed against the utility.

   SURPLUS EARNINGS. Those cash earnings remaining after provision has been made to take care if current obligations, including:

      (1)   Operating;

      (2)   Depreciation or replacement fund;

      (3)   Bond and interest sinking funds;

      (4)   Retirement funds; or

      (5)   Any other priority funds requirements fixed by law.

(Prior Code, § 2-3-1) (Ord. 83-2, passed - -1983)