The City Council shall establish rates, rules and regulations for the water and electrical utilities. The rates shall be sufficient with respect to each utility to pay:
(a) For operations and maintenance of the system.
(b) For payment of principal and interest on debt.
(c) For creation and maintenance of financial reserves.
(d) For capital construction of new facilities and improvements of existing facilities, or maintenance of a reserve fund for that purpose.
(e) For payments to the general fund of the City (exclusive of those amounts paid pursuant to subsection (a) of this Section 1221) in each fiscal year, in an amount equal to, or less than, four percent (4%) of the gross retail revenue earned by the utility during the previous fiscal year.
Rates shall be reviewed by the City Council periodically to insure that financial goals are being accomplished.
Rates shall be uniform for all consumers within the same class, but different rate schedules may be applied to different classes of consumers. Notwithstanding the foregoing, the City Council may establish, and revise from time to time, ratepayer discount and other programs to assist residential and non-residential customers in the payment of their utility bills and the costs of such discount and other programs may be paid from utility revenues. (Amended November 2, 1976, filed by Secretary of State December 27, 1976: amended November 6, 1990, filed by Secretary of State February 19, 1991.)