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(A) The city presently owns its own water utility under the jurisdiction of its Board of Public Works and Safety pursuant to state law applicable to cities of the third class.
(B) The municipally owned water utility of the city is presently under the jurisdiction of the Indiana Utility Regulatory Commission for purposes of approval of rates and charges established by the utility pursuant to I.C. 8-1.5-3-8 and I.C. 8-1-2.
(C) The Common Council of the city, as the principal legislative body of the city, desires to remove its water utility from the jurisdiction of the Indiana Utility Regulatory Commission for the approval of rates and charges and the issuance of stocks, bonds, notes or other evidence of indebtedness pursuant to I.C. 8-1.5-3-9.1.
(Ord. 8-1995, passed 8-21-1995)