The City Council shall have the full power to regulate by ordinance the rates and charges for utility and other services furnished by the city and by public and private companies operating in the City of Pleasanton. Notice of any proposed increase in utility rates and service costs shall be given the residents of the city by publishing notice thereof one (1) time in the City's official newspaper at least ten (10) days prior to the date of a public hearing which shall be held on such proposal. The notice shall state the time and place of the hearing, the name of the proponent and the type of utility or service for which the rate increase is sought. The proponent shall pay the full cost of such notice and a correct stenographic transcript of the hearing, which the Council may at its discretion require be made. A copy of such transcript shall be filed with the City Secretary and made available to any citizen upon receipt and reasonable deposit to insure its safe return under such rules and regulations as the City Council may prescribe. No notice need be given nor public hearing had where the rate change is solely one of a rate reduction.