In the event that the city becomes the owner of any public utility subject to a franchise fee, on and after the date of such acquisition, in order to replace and recoup in a revenue neutral fashion any such amount of franchise fee paid or payable, each bill to customers for such public utility acquired by the city shall include a franchise replacement fee equal to 3% of the gross bill for the utility service provided, which amount shall be remitted to the city for such replacement.
(Ord. No. 16-04, § 1, 8-3-04)