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. <br /> CHAPTER 11 <br /> PUBLIC OWNERSHIP AND OPERATION OF UTILITIES <br /> Section 11. 01 Acquisition and Operation of Utilities . The <br /> City may own and operate any gas, water, heat, power, light, <br /> telephone or other public utility to supply its own utility needs <br /> and/or to supply utility service to private consumers . The City <br /> may, by ordinance, construct or acquire all necessary facilities to <br /> supply utility service. The City may purchase in bulk -and resell <br /> gas, electric, water and other utilities . The City Council <br /> supervises all City-owned utilities . <br /> Section 11'. 02 Rates and Finances . Following a public <br /> hearing with notice as described in Section 11. 05, the Council will <br /> by ordinance set just and reasonable rates, fares and prices for <br /> City utilities . The Council must endeavor to make each utility <br /> financially self-sustaining. The Council prescribes the time and <br /> method for making City utility payments . The Council may adopt <br /> other necessary regulations, including penalties for violation of <br /> these regulations. <br /> Section 11.03 Lease of Plant. Following a public hearing <br /> with notice as described in Section 11.05, the Council may lease <br /> the operation of any City utility to a responsible person, co- <br /> partnership or corporation. The lease contract must be adopted by <br /> (94-2) 36 <br />