(a)   Every year the Director of Finance shall calculate and transmit on or before April 15 to the Mayor and City Council the new water rate schedules with a complete itemization of water system costs for all classes of customers as given in § 46-52, for the purpose of calculating all bills for the forthcoming 12 months beginning July 1 of that year. The new water rate schedules shall be published at least 30 days prior to the date of implementation.
   (b)   Water rates shall be reviewed annually and the water rate percentage index (WRI) as applied to the water rate schedules shall be limited to an adjustment of 8% in any year unless:
      (1)   The adjustment is necessary to provide for all costs of operation, maintenance, replacement and debt service of the water supply system; or
      (2)   The adjustment is necessary to comply with applicable provisions of the City’s water supply revenue bond resolutions or ordinances.
(Ord. 2985, passed 3-24-1986; Ord. 3494, passed 5-13-2002; Ord. 3513, passed 4-28-2003; Ord. 3630, passed 12-13-2004)