The municipal waterworks system shall be operated as a public utility of the municipality, and the rates, charges, rentals, regulations, and provisions of this chapter shall be and remain applicable thereto until duly amended. This municipality reserves the right and power to amend this chapter as the need or as propriety thereof arises, and the rates and charges herein specifically specified may be increased or decreased provided that, as so amended, the gross receipts of the system shall be sufficient each year to pay all costs of operation and maintenance, depreciation, principal and interest on indebtedness therefor, and reserves which may be required.
(Prior Code, § 13.08.010)