The method of operation of the rates, rentals and charges for electric,
gas and alternative energy utility service and the procedure for their collection
shall be fixed by the City Council in accordance with laws. The Agency shall
recommend to the City Council the establishment of a system of consumer electric,
gas, alternative energy rates and other charges, the intent of which shall
be to enable the Agency to be self-liquidating, and shall impose and collect
the rates established in a manner consistent with law.
With respect to any property the Agency may acquire within the City
from any private utility company, the Agency shall make payments in lieu of
taxes to the appropriate municipalities or districts in an amount established
by negotiation with each municipality or district.
The City Finance Director and the Agency shall maintain books or records
and account with respect to its operations in accordance with generally accepted
accounting principles consistently applied. Within 90 days after the end of
the Agency's fiscal year, the Agency shall deliver to the City Council
its financial statements at the end of such year and for the year then ended
in accordance with generally accepted accounting principles and accompanied
by a report thereon, prepared by a firm of independent accountants of recognized
national standing based upon an audit using generally accepted standards.
The Agency's existence shall continue until terminated by law;
provided, however, that no such law shall take effect so long as the Agency
shall have obligations outstanding. The terms of the members of the Agency
shall expire upon the enactment of a local law terminating the Agency's
existence and the City Council shall constitute the Agency until the effective
date of the Agency's expiration. Upon termination of the existence of
the Agency, all its rights and properties shall pass to and be vested in the
City. No law terminating the existence of the Agency shall be enacted except
upon an affirmative vote of six members of the City Council.