(A) The Board shall have the responsibility of investigating, gathering information, deliberating, and advising the Town Council with regard to any future proposed changes to the general rates and charges for the use of and services rendered by the municipally owned electric and water utilities. The Board's capacity shall be advisory only, and the Council shall not be bound by any recommendations or advice received from the Board. The Board shall not be required to investigate, deliberate, or advise the Council with regard to any rate increases or decreases which are implemented solely for the purpose of tracking increases or decreases in the cost of fuel, electricity or water from the town's wholesale suppliers.
(B) The Board shall, in its investigation, deliberation and advice, strive to advise the Council on rates and charges for use of and services rendered by the municipally owned electric and water utilities, which are nondiscriminatory, reasonable and just, and which will produce sufficient revenue to maintain the utility property in a sound physical and financial condition to render adequate and efficient service, all in accordance with the standards as set out in IC 8-1.5-3-8. The Board shall have access by appointment with the Clerk-Treasurer's office to all books, records, financial statements, accounting reports, operating reports and other documents which are relevant to their investigation, deliberation and advice as to rates and charges meeting the foregoing standards.
(C) The Board shall select one of its members as Chairperson and one of its members as Secretary. The Board shall meet semiannually or on call of the Chairperson or upon the call of any three of its members. Meetings shall be open to the public, and notice of all meetings shall be given in strict compliance with the Indiana Open Door Law, IC 5-14-1.5-1 et seq.
(Ord. 1990-11, passed 6-19-91)