(A) The city hereby elects to provide for a schedule of rates and charges sufficient to produce a sum equal to the amount the city would have received if the water utility owned property were privately owned and hereby directs the comptroller of the water utility to set aside a sum equal to 3% of the gross revenues of the water utility and to thereafter pay monthly to the Clerk-Treasurer for deposit into the general fund one-twelfth of the total sum deemed sufficient to compensate the city for all sums which would ordinarily be received were the property of the water utility privately owned.
(B) The Common Council hereby determines that the schedule of rates and charges set forth herein will provide the necessary revenue to pay the amounts set forth above.
(Ord. 2010-4, passed 3-10-2010; Ord. 2019-25, passed on 5-13-2020)