At any time the council may review the operations of the company, and not more often
than once in each year, it may, upon its initiative, or shall upon the petition of
the company, prescribe rates to be charged by the company under this franchise. If
there is a dispute between the council and the company over the adoption of prospective
rates, an examination of those rates shall be conducted in a public hearing before
a qualified hearing examiner upon ten (10) days' published notice in the official
newspaper. The hearing examiner shall be selected by mutual agreement of the company
and the council within twenty (20) days after the filing of said petition. If any
selection is not made within said twenty-day period, then the hearing examiner shall
be selected by the council from a list of three (3) nominees recommended by the chief
judge of the District Court of Ramsey County. The hearing examiner shall at the conclusion
of the hearing make recommendations to the city council which in turn shall review
the record and prepare an ordinance setting reasonable rates to be charged by the
company within ten (10) days' published notice of a public hearing on said final adoption
of said ordinance to be given in the official newspaper. Should the city council and
the company agree to setting rates without requiring the hearing before the hearing
examiner, and the rates to be charged are increased under such agreement, such setting
shall be by ordinance, with ten (10) days' published notice of a public hearing on
its final adoption to be given in the official newspaper. In setting the rates to
be charged, the council shall thereby include in such determination revenue sufficient
to provide a fair and reasonable return to the company and to cover its reasonable
costs and operation expenses allocable to the city. The prescription of rates shall
be made within one hundred fifty (150) days after the filing of the petition. In the
event the council is unable to prescribe rates within said one hundred fifty (150)
days, the company may put the schedule of rates as proposed by the company in its
petition into effect as interim rates on all bills computed from regular meter findings
after said one-hundred-fifty-day period, subject to the obligation by company to refund
to its customers any increases in rates collected under such interim rates which are
in excess of the lawful and reasonable rates as finally determined.
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