(A) The rate for said water service shall continue to be based upon the amount of water used or consumed in each residence, and the rate for said sewer services shall remain at a fixed rate.
(B) The rate for said water and sewer services shall automatically increase each fiscal year, at a rate of 6%, to 106% of the rate for the year immediately preceding the then current year.
(C) At the conclusion of each fiscal year, the Water and Sewer Committee shall review the status of the water and sewer rates to determine whether the automatic annual increase should be waived. Upon completing its analysis, the Water and Sewer Committee shall make a report and recommendation to the Village Board who may, at its option, waive the automatic increase for any current year. Any waiver by the Village Board shall not constitute a waiver of future rate increases, nor shall such waiver prejudice the future rights of the Village Board.
(Ord. 92-7, passed 7-20-1992; Ord. 1998-2, passed 5-18-1998)