§ 7. Regulation of rates.

The council shall have full power after notice and hearing to regulate by ordinance, the rates, charges and fares of every public utility franchise holder operating in the city. Any franchise holder requesting an increase in its rates, charges, or fares shall have, at the hearing on such request, the burden of establishing by substantial evidence the value of its investments and the amount and character of its expenses and revenues and/or other pertinent information. No franchise holder shall institute any legal action to contest any rate, charge, or fare fixed by the council until such franchise holder has filed a motion for rehearing with the council specifically setting out each ground of its complaint against the rate, charge or fare fixed by the council, and until the council shall have acted upon such motion. The council shall have a period of sixty (60) days to act on said motion, and if motion is not acted on within such period, franchise holder shall have the right to institute such legal action as it desires.