After a full and adequate hearing at which all interested parties are given a full opportunity to be heard, and the right to present evidence, the city council shall establish a rate schedule to provide sufficient net revenues, after the payment of all expenses, taxes, depreciation and other charges, to provide a fair and reasonable return to the owners and operators on their property devoted to consumers in the city, subject to the right of appeal of the gas utility company to the state railroad commission.
(1964 Code, § 17-2)