(A) The rates and charges of the city’s waterworks shall be the rates as shown in Appendix A at the end of this chapter. These rates and charges will be implemented in two phases, Phase 1 and Phase 2. The Phase 1 rates became effective November 28, 2023. Phase 2 rates will be effective for January 1, 2025.
(B) The Common Council finds that the rates and charges, as adopted, are nondiscriminatory, reasonable, equitable, and just, and are necessary to produce sufficient revenue to:
(1) Pay all the legal and other necessary expenses incident to the operation of the utility, including:
(a) Maintenance costs;
(b) Operating charges;
(c) Upkeep;
(d) Repairs;
(e) Depreciation;
(f) Interest charges on bond or other obligations, including leases; and
(g) Costs associated with the acquisition of utility property under I.C. 8-1.5-2.
(2) Provide a sinking fund for the liquidation of bonds or other obligations, including leases;
(3) Provide a debt service reserve for bonds or other obligations, including leases, in an amount established by the municipality, not to exceed the maximum annual debt service on the bonds or obligations or the maximum annual lease rentals;
(4) Provide adequate money for working capital;
(5) Provide adequate money for making extensions and replacements to the extent not provided for through depreciations;
(6) Provide money for the payment of any taxes that may be assessed against the utilities; and
(7) Provide money to the municipality for taxes that would be due to the municipality on the utility property were it privately owned.
(C) The Common Council hereby authorizes and directs the appropriate officials and representatives of the city to take all necessary actions to implement, bill, and collect the rates and charges in the manner described in division (A) above, as approved and adopted herein, following the date of final adoption of this section.
(Ord. 14-2023, passed 11-28-2023)