Upon any person engaging or continuing within the City in any public service or utility business, there is likewise hereby levied and shall be collected taxes on account of the business engaged in equal to the gross income of the business multiplied by the respective rates as follows: Street and interurban and electric railway, one percent; water companies, 4.0 percent, except as the income from municipally owned water plants; electric light and power companies, 4.00 percent on sales and demand charges for domestic purpose and commercial lighting and 3.00 percent on sales and demand charges for all other purposes, except as to income from municipally owned plants producing or purchasing electricity and distributing the same; natural gas companies, 3.0 percent on the gross income, such gross income from all sales to consumers the amount of the tax paid by the taxpayers under Section 729.15; and upon all other public service or utility business, 1.95 percent.
(1978 Code Sec. 9-15.)