If a cable operator submits its current basic cable rate schedule as being in compliance with the FCC's reasonable rate standard, the City Council or the ICRC shall review the rates using the benchmark analysis in accordance with the standard form authorized by the FCC. Based on the City Council or the ICRC's findings, the initial basic cable rates shall be established as follows:
(A) If the current basic cable rates are below the benchmark, those rates shall become the initial basic cable rates and the cable operator's rates will be capped at that level.
(B) If the current basic cable rates exceed the benchmark, the rates shall be the greater of the cable operator's per channel rate on September 30, 1992, reduced by 10%, or the applicable benchmark, adjusted for inflation and any change in the number of channels occurring between September 30, 1992 and the initial date of regulation.
(C) If the current basic cable rates exceed the benchmark, but the cable operator's per channel rate was below the benchmark on September 30, 1992, the initial basic cable rate shall be the benchmark, adjusted for inflation.
(Ord. 16-1994, passed 3-2-94)