(A) Initial rates. The grantee may initially charge subscribers and users of the CATV system for services up to the amounts specified in its schedule of rates and charges as proposed in its franchise application and attached to the ordinance codified herein as Exhibit “A”, which is adopted by reference as if set out in full herein. Such maximum rates shall be in effect until the grantee has completed the initial construction of the system as provided in § 112.17 of this chapter.
(B) Rate increases. Prior to any increase in the maximum rates and charges to be charged, the grantee must petition the Town Council for a change in rates by filing in triplicate a proposed rate schedule with the Town Clerk-Treasurer, which petition shall include the justifications for the proposed schedule of rates and charges. Said petition shall be filed at least 90 days prior to the requested implementation date of the rate change. One copy of the petition shall remain on file with the Town Clerk-Treasurer and be open for public inspection.
(1) Within 90 days of the filing of the petition for rate change, the Town Council shall hold an appropriate public hearing to consider the proposed rate change, at which hearing all persons desiring to be heard, including the grantee shall be heard on any matter, including, but not limited to, the performance of this franchise, the grantee’s services and the proposed new rates. Notice of any public hearing shall be published in a newspaper of general circulation at least once but may be published two or more times; provided that, one publication occurs not less than seven, nor more than 21, days before said public hearing.
(2) Within 30 days after said hearing, the Town Council shall render a written decision on the grantee’s petition, either accepting, rejecting, modifying or deferring the same and reciting the basis of its decision. The Town Council shall consider the following factors in approving or disapproving the petition:
(a) The ability of the grantee to render system services and to derive a reasonable profit therefrom under the existing rate schedule and under the proposed rate schedule;
(b) The revenues and profits derived from systems services;
(c) The efficiency of the grantee;
(d) The quality of the services offered by the grantee;
(e) The extent to which the grantee has adhered to the terms of this agreement; and
(f) Fairness to Town residents, subscribers and users.
(3) If the Town Council fails to render a written decision either accepting, rejecting, modifying or deferring the grantee’s petition within 30 days after said hearings, the grantee shall thereafter be entitled to put its proposed new rates into effect.
(4) The grantee’s petition for a rate increase shall include sufficient materials so as to allow the Town Council to make a reasonable investigation of the need for said rate increases.
(2005 Code, § 95.8)