The City reserves to itself, without limitation, the power to acquire, construct, own, operate, improve, enlarge, extend, repair, and maintain, either within or without its corporate limits, public utilities permitted by State law to be acquired, owned and operated by cities. By way of example and not by way of limitation, the City's reserved public utility powers extend to public utilities for supplying water, light, heat, power, gas, sewage treatment, garbage disposal, cable television, and housing projects for its citizens. Also by way of example and not limitation, the City may also acquire, own, improve, maintain, construct and operate parks, boulevards, cemeteries and hospitals.
The City may not acquire any public utility unless a proposition to acquire it is approved by at least three-fifths of the qualified electors of the City voting on that issue at any regular or special election. This requirement shall only apply to public utilities which supply water, light, heat, power and transportation. The question of issuing City bonds to raise money for the purchase may be submitted to City electors at the same time, either as an independent question or as part of the same question.
The Commission shall have the power to periodically fix by resolution or ordinance equitable rates it deems advisable for supplying City inhabitants and others with various City utility services. The Commission shall provide by ordinance for the collection of all public utility charges made by the City.
A separate account, distinct from any other City accounts, shall be kept for each public utility owned or operated by the City. Each separate utility account shall show the true and complete financial results of the City's ownership or operation of the utility, including all assets, liabilities, revenues and expenses. Each separate account shall show as nearly as possible the value of the service rendered by each public utility. The Commission shall require an annual report to be made, showing the financial results of ownership or operation of each utility. Each report on every utility shall be on file in the office of the Clerk for public inspection.