The Director of Public Service is hereby authorized and directed to review annually, by November 1 of each year, the operation and maintenance expenses, debt service requirements and other requirements of the waterworks system for the succeeding year, including necessary and reasonably foreseeable costs for capital improvements, and, teased on such review, to take such action as may be necessary to adjust the rates and charges of such waterworks system, payable on all bills rendered on or after January 1 of the succeeding year, to provide for such requirements in accordance with rate and other covenants of any and all ordinances or indentures of mortgage authorizing the issuance of, or securing debt issued to, finance extensions and improvements to such waterworks system.
(Ord. 87-32. Passed 3-17-87.)