(A)   Authority is hereby vested in the Village Board of Trustees to set and adjust established rates and charges for the use and service of electricity for light and power, based upon electricity consumed as recorded by electronic meters based upon the type of premises served.
   (B)   The rates may be adjusted annually, based on the supply average participant cost from the Illinois Municipal Electric Agency, as presented in January of each year.
   (C)   The rates shall be posted and made available for public inspection both at the Village Hall and on the village website.
   (D)   Before any rate change goes into effect, the village will give notice by posting the upcoming rate change on the consumer's bill at least 30 days prior to implementation of the rate change. The proposed rate changes will also be posted next to the current rates that are posted at the Village Hall and on the village website at least 30 days prior to implementation of the rate change.
   (E)   All rate changes must be approved by the Village Board of Trustees, and a resolution outlining the new rates must be passed prior to raising or lowering the current rates.
   (F)   Identified funds collected for penalties shall be deposited into a separate account designated as the Electric Rate Stabilization Account. Such monies shall be maintained in the account, and its use shall be in the Village Board's discretion. Notwithstanding the foregoing, the deposit of funds into the rate stabilization account is not intended to restrict, in any manner, the use of these funds.
   (G)   The owner of any lot, building or premises, the occupant thereof, and the customer of the electric service of the system shall be jointly and severally liable to pay for the electric service on the premises; and the service shall be furnished to the premises by the village only upon the condition that the owner of the premises, occupant, and customer of the electric service are jointly and severally liable.
(Ord. 95-16, passed 3-28-95; Am. Ord. 99-33, passed 6-22-99; Am. Ord. 01-83, passed 12-18-01; Am. Ord. 07-13, passed 4-24-07; Am. Ord. 07-22, passed 5-22-07; Am. Ord. 08-13, passed 4-22-08; Am. Ord. 09-20, passed 5-12-09; Am. Ord. 09-63, passed 10-27-09; Am. Ord. 14-24, passed 5-13-14; Am. Ord. 15-26, passed 6-23-15; Am. Ord. 16-15, passed 4-26-16)