The council shall have full power to regulate by ordinance the rates, charges and fares of every public utility franchise holder operating in the city and no such ordinance shall be passed as an emergency measure. Every franchise holder who shall request an increase in rates, charges or fares shall have the burden of establishing by clear, competent and convincing evidence, the value of its investments properly allocable to service in the city and the amount and character of its expenses and revenues connected with the rendering of such service. If the council is not satisfied with the sufficiency of the evidence so furnished, it shall be entitled to call upon such public utility for the furnishing of additional evidence. If the council is still not satisfied with the sufficiency of the evidence furnished by such utility, the council shall have the right to select and employ rate consultants, auditors and attorneys to conduct investigations, present evidence, advise the council and conduct litigation on such requested increase in rates, charges or fares; and said utility shall reimburse the city for one-half its reasonable and necessary expense thereby incurred. No public utility franchise holder shall institute any legal action nor contest any rate, charge or fare fixed by the council until such franchise holder shall have filed with the city an application for a rate change specifically setting out each change in rate sought by such application and until the council shall have acted upon such rate change or until the expiration of 90 days from the date such application is filed, whichever event first occurs.
(Amended at election of 5/7/94)