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hearing. Failure to publish said notice or any defect in said notice shall not invalidate the notice. However, <br />correction(s) must be published at the earliest practical time. <br />Sec. 10.4. Power of regulation reserved. <br />Subject to any applicable state statutes, the council may by ordinance reasonably regulate and control the <br />exercise of any franchise, including the maximum rates, fares, or prices to be charged by the grantee. No franchise <br />value shall be included in the valuation of the grantee's property in regulating utility rates, fares, or prices under <br />any applicable state or municipal law, or regulation, or in proceedings for municipal acquisition of the grantee's <br />property by purchase or eminent domain. <br />Sec. 10.5. Renewals or extensions. <br />Every extension, renewal, or modification of any existing franchise, or of any franchise granted thereafter, <br />shall be subject to the same limitations and shall be granted in the same manner as a new franchise. <br />CHAPTER 11. PUBLIC OWNERSHIP AND OPERATION OF UTILITIES <br />Sec. 11.1. Acquisition and operation of utilities. <br />The city may own and operate any gas, water, heat, power, light, telephone or other public utility for <br />supplying its own needs for utility service, or for supplying utility service to private consumers or both. It may <br />construct all facilities reasonably needed for that purpose, and may acquire any existing utility properties so <br />needed; but such action shall only be taken by ordinance, which shall not be an emergency ordinance. The <br />operation of all public utilities owned by the city shall be under the supervision of the city council. <br />Sec. 11.2. Rates and finances. <br />The council may, by ordinance, fix rates, fares and prices for municipal utilities, but such rates, fares and <br />prices shall be just and reasonable. The council shall make each municipal utility financially self sustaining. Before <br />any rates, fares or prices for municipal utilities shall be fixed by the council, the council shall hold a public hearing <br />on the matter in accordance with section 11.6 of this chapter. The council shall prescribe the time and the manner <br />in which payments for all such utility services shall be made, and may make such other regulations as may be <br />necessary, and prescribe penalties for violations of such regulations. <br />Sec. 11.3. Purchase in bulk. <br />The council may, in lieu of providing for the local production of gas, electricity, water and other utilities, <br />purchase the same in bulk and resell them to local consumers at such rates as it may fix. Before such rates are <br />fixed by the council, the council shall hold a public hearing on the matter in accordance with section 11.6 of this <br />chapter. <br />Sec. 11.4. Lease of plant. <br />The council may, if the public interest will be served thereby, contract with any responsible person, co- <br />partnership or corporation for the operation of any utility owned by the city upon such rentals and conditions as it <br />may deem necessary; but such contract shall not be an emergency ordinance. In no case shall such contract be for <br />a longer term than ten years. <br />(Supp. No. 13) <br />Created: 2025-01-03 16:18:19 [EST] <br />Page 19 of 25 <br />