(A) Each applicant shall file with the Records Administrative Secretary, before a taxicab license is issued or renewed, a schedule of proposed maximum rates to be charged by him or her during the license period for which the application is made. The schedule of proposed maximum rates, or a compromise schedule thereof, shall be approved by the Council before granting the license.
(B) The schedule shall be posted in a conspicuous place in the taxicab in full view of passengers riding therein. Nothing herein shall prevent a taxicab licensee from petitioning the Council for review of the rates during the license period, and the Council may likewise consider the petition and make new rates effective at any time. No taxicab licensee shall charge rates in excess of maximum rates approved by the Council.
(`86 Code, § 4.37)