(A) (1) The Utility Board of the city shall, from time to time, review the rates and charges for use of and services rendered by the municipally-owned electric, gas and water utilities to determine whether or not the rates and charges meet the standards and requirements set forth in I.C. 8-1.5-3-8, or any act amendatory or supplemental thereto. In the event the Utility Board determines that it is necessary to establish any new rates and charges or to amend existing rates and charges of the municipally-owned electric, gas or water utilities of the city in order to conform to the standards and requirements aforementioned, it shall propose new or amended schedule of rates and charges to the Common Council of the city for its consideration.
(2) The Utility Board shall also notify the Utility Rate Advisory Board of any proposed new or amended rates and charges, which Utility Rate Advisory Board shall thereafter undertake to investigate and advise the Common Council with regard to the proposed rates and charges.
(B) The Common Council of the city shall establish new rates and charges or amend existing rates and charges for the use of and services rendered by the municipally-owned electric, gas and water utilities by ordinance duly adopted, which rates and charges shall conform with the standards and requirements set forth in I.C. 8-1.5-3-8, or any act amendatory or supplemental thereto, excepting however, that the rates and charges shall not be subject to the approval of the Utility Regulatory Commission.
(C) After the introduction of an ordinance establishing new rates and charges or amending existing rates and charges, but, before it is finally adopted, the Common Council shall hold a public hearing at which the utility consumers and patrons to be served by the utility, and other interested persons may be heard concerning the proposed rates and charges. Notice of the hearing, setting forth the proposed schedule of rates and charges, shall be published in accordance with I.C. 5-3-1, or any acts amendatory or supplemental thereto.
(D) After the hearing, the Common Council shall adopt an ordinance establishing the rates and charges, either as originally introduced or as modified. A copy of the schedule of rates and charges adopted shall be kept on file and available for public inspection during usual business hours in the office of the Clerk-Treasurer.
(`90 Code, § 13.24.020) (Ord. 89-30, passed - -)