The schedule of rates for electric current supplied by the city; the application for such electric current; the amount of deposit, if any, required as prerequisite to connection with the city electrical system; the disposition of such deposit; the due date of bills for such electric current; the amount of discount, if any, for the prompt payment of such bills; penalty and discontinuance of service upon default in payment; the terms of re-establishment of service upon payment of arrears and all matters in connection with the operation with the city electrical system shall be in accordance with regulations adopted by the City Council.
('64 Code, § 9-20)