In determining whether public convenience and necessity require the proposed water company for which the application is made, the City Council shall investigate and consider:
(A) The demand of the public for the proposed water company;
(B) The adequacy of the existing and proposed service;
(C) The financial responsibility and experience of the applicant;
(D) The effect which an additional water company may have upon existing water companies and water service provided by the city;
(E) The quality, nature and type of service to be furnished by the applicant.
('61 Code, § 24.103) (Ord. 631, passed - - )