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authorized by federal or state law, subject to the <br />following: <br /> <br /> 1. During any calendar year, Grantee may raise <br /> the rate of Basic Service by any amount equal to the <br /> prior year's increase in the Consumer Price Index for <br /> All Urban Consumers (CPI-U) published by the United <br /> States Department of Labor. <br /> <br /> 2. Should Grantee desire to raise the rate for <br /> Basic Service in excess of the amount allowed under 1, <br /> above, Grantee must apply to the City for approval by <br /> filing a proposed rate schedule with the City, which <br /> application shall include any justification(s) <br /> therefore. Within thirty (30) days of the filing of <br /> the rate schedule, the City shall schedule a public <br /> hearing on the requested rate increase, at which time <br /> all parties desiring to be heard, including Grantee, <br /> shall be afforded an opportunity to be heard. Within <br /> thirty (30) days of the public hearing, the City shall <br /> either approve the rate increase or notify Grantee in <br /> writing of its decision to deny the rate increase. <br /> The criteria for the City's decision shall be the <br /> <br /> establishment of rates which are "fair and reasonable,, <br /> <br /> - to both the Grantee and its subscribers, allowing for <br /> a reasonable rate of return for Grantee. Should the <br /> City fail to act on an application for a proposed rate <br /> <br />-21- <br /> <br /> <br />