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(A) The Common Council shall, by ordinance, establish just and equitable fees for the services rendered by the utility. Just and equitable fees are the fees required to maintain the utility in sound physical and financial condition necessary to render adequate and efficient service. The fees must be sufficient to:
(1) Pay all expenses incidental to the operation of the works, including legal expenses, maintenance costs, operating charges, repairs, and interest charges on bonds or other obligations;
(2) Provide adequate money to be used as working capital; and
(3) Provide adequate money for improving and replacing the utility.
(B) After the introduction of the ordinance establishing fees, but before it is finally adopted, the Common Council shall hold a public hearing at which users of the utility and other interested persons may be heard concerning the proposed fees. Notice of the hearing, setting forth the proposed schedule of fees, shall be published in accordance with IC 5-3-1 et seq. After the hearing, the Common Council shall adopt the ordinance establishing the fees, either as originally introduced or as modified. A copy of the schedule of fees adopted shall be kept on file and available for inspection in the offices of the utility. The Common Council may change or readjust the fees in the same manner by which they were established. Fees collected are considered revenue of the utility.
(Ord. 1992-29, passed 1-19-93)