(A) The Commission shall have full, complete and exclusive control of the Utilities System and shall employ, fix the compensation of and have power to discharge all employees of the system provided, however, that no officer or employee of the city, whether holding a paid or unpaid office, shall be eligible for employment of the system in any capacity.
(B) The Commission shall have full, complete and exclusive control of the collection of all accounts due the Utilities System, the keeping of all records of the system and the payment of all accounts due by the system. No expenses may be incurred nor any disbursements made for the account of the Utilities System without prior approval of the system.
(C) The Commission shall have full, complete and exclusive control over the maintenance, operation and extension of the system and provide sufficient reserve funds to insure the system is kept in good working order and to provide against emergencies which may arise.
(D) So long as any of the bonds issued to purchase the Utilities System are outstanding, the Commission shall take all action necessary and proper to insure the strict compliance with each and every term, condition and covenant of the ordinance under which the bonds were authorized, issued and sold.
(E) The Commission shall see that adequate and proper schedules of rates for services are at all times in effect. The rates shall be so fixed as to provide funds adequate to make all payments provided for in the bond ordinances, to operate the system, to properly maintain it, to make all necessary and proper replacements and to provide an adequate fund for depreciation.
(F) The Commission shall make proper rules and regulations to insure the Utilities System's clerk treasurer as provided by the bond ordinance.
(G) The Commission shall see that all accounts due the system are collected promptly and shall promptly discontinue service whenever such accounts are unpaid.
(H) The paying agent referred to hereinabove is the bond named in the ordinance authorizing, creating and providing for the issuance and sale of revenue bonds issued to pay for the Utilities System. The paying agent shall be under no liability to either the city or the Commission or the bond holders for the performance of the obligations imposed hereby and with the consent of a majority of the bond holders. A different agent may be designated to perform the duties.
(Ord. 94-14, passed 12-8-94; Am. Ord. 2015-06, passed 3-30-15)