(A) Authority to amend rates. The Town Council shall have the authority to amend the rates promulgated for the water and sewer service established by this chapter from time to time, and as often as may be required, by fixing new rates which are just and equitable.
(B) Amendment by resolution. The Town Council is hereby authorized to establish such new rates by a town resolution adopted for such purpose, rather than by ordinance.
(C) Contents of resolution. A resolution amending the rates for water and sewer service shall contain the following provisions, or their equivalent, together with the determinations of the Town Council as to the rate amounts, the dates the new rates shall take effect, that the new rates are fair and equitable, and that the rates comply with the minimum gross revenue requirements of the town bond resolutions:
(1) Residential service rate. The fair and equitable rate for water and sewer service to be paid to the town for a residential unit shall be $___ per month. This rate shall commence _____, and continue in effect until changed by resolution of the Town Council adopted for such purpose.
(2) Commercial service rate. The fair and equitable rate for water and sewer service to be paid to the town for a commercial unit shall be $___ per month. This rate shall commence ______, and continue in effect until changed by resolution of the Town Council adopted for such purpose.
(3) Compliance with bond resolutions. After review of the revenues and expenditures of the town’s Enterprise Fund, the Town Council hereby finds and declares that the new rates for water and sewer service fixed and established by this section are adequate to meet the minimum gross revenue requirement specified for the operation, maintenance and debt service of the town water and sewer system by Bond Res. 94-7 and Bond Res. 94-15.
(Ord. 2-96, passed 10-24-1996)
Water and Sewer Rates 9