(a) The exclusive franchisee shall adopt a uniform and reasonable schedule of charges for use of taxicabs operated under its franchise, based upon the distance traveled or waiting time, or both, as may be indicated by such taximeter, which schedule of fares shall be filed with the director of public safety, or his or her designated representative, prior to being employed in the franchisee's operations. In no event shall the fares under such schedule exceed any of the fares that may be set forth in the maximum rate schedule, as adopted by the city council under subsection (b) below.
(b) The city council, at annual intervals, may, by resolution, and after public hearing and notice, establish a schedule of maximum rates to be charged by the franchisee operating under this chapter. In setting such maximum rate schedules, the city council may review and consider the average rates for taxicab service charged in La Puente, as well as in jurisdictions in the vicinity of La Puente, and any other factors which it deems relevant to its determination.