80-029 Ordinance - Laserfiche WebLink

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..~ CaTY OF NORTH OLMSTED ' "ORDINANCE N0. 80-29 - ' PAGE 11 (B) The Grantee may petition the Council for a change in rates by filing, in triplicate, a proposed rate schedule with the Clerk of the Council, which petition shall include the justification(s) for the proposed schedule. Said petition shall be filed at least ninety (90) days prior to the requested imple- mentation date of the rate change. One copy of the petition shall remain on file with the Clerk of the Council and be open for public inspection. (C) Within ten (10) days of notification by the Council of the place and time established for a hearing on said petition, the Grantee shall notify its subscribers of the hearing by announcement on at least two (2) chan- nels of its system between the hours of 7:00 P.M. and 9:00 P.M. for five (5) consecutive days. Additionally, hearings shall be announced in a newspaper of general circulation at least five (5) days before the date of the hearing. Following all proper notice, but in no event later than ninety (90) days from the date of said petition, the Council shall hold an appropriate public hearing to consider the proposed new rates, at which hearing all parties desiring to be heard, including the Grantee, shall be heard on any matters relating to the performance of this franchise, the Grantee's services, and the proposed new rates. (D) Within ninety (90) days after said hearing, the Council shall render a written decision on the Grantee's position, either accepting, rejecting, or modifying the same and reciting the basis of its decision. (E) If the Council fails to act within ninety (90) days of the Grantee's petition filed pursuant to Subsection (3) (B) above, the Grantee shall thereafter be entitled to put its proposed new rates into effect on a provisional basis, provided that it shall keep a full and accurate accounting of all income resulting from said provisional rates and shall be obliged, for a period of six (6) months thereafter, to refund the amount by which said provisional rates exceed the rates ultimately established by the Council. Upon request by the Council, the Grantee shall provide a bond or other reasonable surety to ensure that possible refunds due under this Subsection shall be promptly made. The bond or surety shall be in an amount not to exceed the difference between the amount of revenues generated in six (6) months at the previously existing rates and the amount of revenues expected to be generated in six (6) months at the provisional rates. Such bond shall be in a form approved by the Law Director. (F) The criteria for the Council's decision in such matters shall be the establishment of rates which are "fair and reasonable" to both the Grantee and its subscribers and shall be generally defined to be the minimum rates necessary to meet all applicable costs of service, including fair return on all invested capital, all assuming efficient and economical manage- ment. (G) In order for the Council to determine whether proposed rate changes comport with criteria established in Subsection (F) above, the Grantee's petition for a rate increase shall include the following financial re- ports which shall reflect the operations of its cable television system within the City: (i) Balance sheet. (ii) Income statement. .,~_ ~~,,