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Mayor Billy G. Moore and City Council Members Page 17 January 11, 1999 Sec. 11.08. Public service companies corpm-atioi, o file annual reports. ft shall be ffie duty 'Of Tthe city council by ordinance to pass mi ordinance may requireing each public service comp anX utility- operating within the corporate limits of the city to file a sworn annual report of the receipts from the operation of the company utility for the current year, how expended, how much thereof for betterments or improvements, the rate of tolls or charges for services rendered to the public, and any other facts or information that the council may deem pertinent for its use in intelligently passing upon any questions that may arise between the city and the public service company utility. , the These reports shall to be filed with the city secretary, and preserved for the use of the city council. Such The reports inay shall be reviewed periodically annuali by the council to determine the propriety of the rates being charged. Sec. 11.09. Regulation of rates. As-permitted , !the council shall have the fall power , hearing, to: (1l Rregulate by ordinance; the rates of every privateiq -oiccl public service company utility operating in the city1 provided that no such ordinance shall be passed as an emergency measure; Q shall ha-ve the power to Eemploy expert advice and assistance in determining a rate and equitable profit to the public service company utility; and shall have the power to require thereof, as a condition precedent to any hearing concerning rates and service of a companX any, public utility operating witifin the ci , that the company movant seeking the rate or pay the cost of such expert advice and assistance as chosen and deemed necessary by the council. Sec. 11.10. Municipally owned utilities. Accounts shall be kept for each public utility owned or operated by the city, in such manner as to show the true and complete financial results of such city ownership and operation, including all assets and all liabilities, appropriately subdivided by classes, depreciation reserve, other reserves and surplus; also revenues, operating expenses including depreciation, interest payments, rental and other disposition of annual income. The accounts shall show actual capital cost to the city of each utility owned. The accounts shall show as nearly as possible the cost of any service furnished to or rendered by any such utility to any city department. The council shall cause an annual report to be made by a certified public accountant and shall publish such report showing the financial results of such city ownership and operation, giving the information specified in this section and such other data as the