The following maximum rates of fare and fees may be charged for the use of a taxicab and must be posted in each taxicab in a prominent place as required by regulations promulgated by the Mayor:
   (A)   Hourly rate: $18.00 per hour for one (1) or more passengers.
   (B)   (1)   Mileage rate: $1.50 for the first mile. Each taximeter shall be calibrated to measure mileage in distance less than or equal to one fifth of a mile. The mileage rate shall be equally apportioned over the distances measured by the meter, except than an initial drop fee may be assessed for the first mile so that the meter reflects the authorized rate.
      (2)   Waiting time: $.30 for each one (1) minute of waiting time or fraction thereof.
      (3)   Any charges, tolls, or fees levied to enter or leave any other passenger terminals, or to use or cross roads or bridges or pick up or discharge passengers at public facilities, shall be borne by the passenger in addition to the metered fare.
   (C)   Nothing contained herein shall constitute a minimum rate of fare, nor prelude the holder of charging a rate of fare less than the metered rate of fare would have been had the taximeter been activated.
   (D)   Rates of fare for this section shall not be increased before December 31, 1998.