(A) Whenever the Board of Public Works of the city has determined and the Common Council thereof finds that any utility is in need of improvements, extensions, additions, expansions or repairs and that funds for said project should be provided by the issuance and sale of revenue bonds payable solely out of said utility's revenues and not constituting a general obligation of the city, and that rates and charges are increased as a result thereof, the Council shall provide in the ordinance authorizing said bond issue that when said bond issue is paid off that the Board of Public Works shall notify in writing the Council within 90 days of the terminal payment of such bond issue.
(B) Said ordinance shall provide that concurrently with said written notification the Board of Public Works shall make a written showing as to why in its opinion said city utility rates or other special revenue requirements should not be reduced because of the reduced debt service requirement arising from satisfaction of their outstanding debt.
('74 Code, § 2-39.2) (Ord. S-190-83, passed 9-27-83; Am. Ord. G-18-92, passed 4-26-92)