(A) Upon approval of the State Public Service Commission, the city hereby elects to require its municipal waterworks to pay to the city out of the income of the municipal waterworks an amount each year sufficient to compensate the city for the taxes which the city would receive if the municipal waterworks were privately owned.
(B) The payment by the municipal waterworks shall be transferred to the city’s General Fund as and when the same is received.
(Prior Code, § 13.04.035) (Ord. 1007, passed 1-10-1980)