(a) For the peace, health and welfare of the City, a minimum cash surplus in the Electric Department shall not be less than three hundred fifty thousand dollars ($350,000).
(b) Upon the City Treasurer’s report that the balanced account in the Electric Revenue Account is three hundred fifty thousand dollars ($350,000) or less, the electric rates in the City shall be increased by the percentage, not to exceed five percent (5%) of the current rate, to be determined by the Service Director. The increase shall be in effect within ninety days following the Treasurer’s report. Any further rate adjustment shall be determined by Council upon the recommendation of the Service Director.
(Ord. 99-23. Passed 2-22-99.)