At the close of each fiscal year, the department of water management shall prepare a statement of the revenues and expenditures of the water system of the city and a balance sheet thereof. The department shall then prepare an ordinance, for submission to the city council, establishing the rates to be charged for water service in the following year. The fees, charges, and rates established by said ordinance shall be sufficient in all times to pay the cost of operation and maintenance of the water system, to make principal and interest payments on any outstanding bonds, and to establish and maintain any reserve funds or accounts as may be covenanted for in bond ordinances authorizing the issuance of outstanding bonds.
(Prior code § 185-25.1; Added Coun. J. 12-12-84, p. 11883; Mayoral veto. 12-18-84, p. 11998; Corrected. 2-4-85, p. 13433; Amend Coun. J. 12-4-02, p. 99026, § 1.12)