The company shall pay the city twenty-seven thousand twenty-nine dollars ($27,029.00)
per year as of May 1, 2010. This fee shall be payable annually on May 1 and shall
be used solely to pay the cost of regulation, which is not limited to, but may include,
that part of the salary and expenses of the individual appointed by the financial
services director and the city attorney, their assistant or assistants, clerical help
and office expenses, outside accountants, attorneys, advisors and consultants' fees
reasonably related to the regulation of the company, its rate schedules and other
matters and operations under this franchise. The amount of such payment or payments
shall be allowed as a budgeted operating expense of the company. Such sum shall be
adjusted each year by a dollar amount expressed in percentages equal to the percentage
increase or decrease in the Consumer Price Index for All Urban Consumers in the Minneapolis/St.
Paul area (or its successor index) for the latest twelve-month period, the adjustments
to be cumulative and based on the amount of the latest adjustment plus the previous
year's payment.
