(A) Gas cost adjustment tracker. The schedule of rates and charges for the municipally-owned natural gas utility shall be adjusted semiannually to reflect the cost to the utility of gas purchased from its suppliers by a gas cost adjustment factor to be determined and calculated semiannually.
(B) Review and approval. The gas utility, by the Clerk-Treasurer, or other designated person, shall submit to the Town Council, in written form, a rate study supporting the proposed gas cost adjustment factor. The gas cost adjustment factor as approved, together with the rate study calculations for its determination, shall be kept on file and available for public inspection during usual business hours in the town office.
(C) Effective date of the gas cost adjustment factor. Each semiannual calculation and determination of the gas cost adjustment factor shall be effective for the next six months following the month of approval and adoption of the gas cost adjustment factor by the Town Council.
(Prior Code, § 52.01) (Ord. 3-1995, passed 6-14-1995)