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billed by the Authority for consumption recorded at said meter(s); and (iv) has sta.tutory authority <br />to set rates and to bill for, and to promulgate regulations for, water service to end-users within <br />its boundaries . <br />d. Rates; Rate Study. Rates shall be based upon the principle of recovering the full <br />cost of service using standards generally accepted in the industry such as American Water Works <br />Association standards or other similar generally accepted industry trade organization standards. <br />The Board shall, within a reasonable period of time after formation of the Authority, engage <br />qualified consultants to conduct a cost of service study and design rates. Costs to be considered <br />in the study shall include, but not be limited to: collection and storage, transmission, peaking, <br />treatment and delivery, maintenance, replacement and repair and administrative. The study shall <br />include classification of costs and allocation of costs to and within customer classes using the <br />full cost of service standard. Such rates sha11 be implemented as soon as reasonably feasible. <br />Rates shall be fair, just and reasonable. The Board sha11 periodically review the need for changes <br />in rates and implement such changes as may be appropriate in a manner consistent with the <br />standards in this secrion 4.3. . <br />Objectives. It shall be the objective of a11 authority . policies, including rate and <br />conservation policies, to (i) yield necessary revenue in a stable and predictable manner; (ii) <br />minimize unexpected changes to customer bills; (iii) discourage wasteful use and promote <br />justified use; (iv) promote fairness and equity; (v) avoid discrimination; (vi) maintain simplicity, <br />certainty, convenience, feasibility, and freedom from controversy; and (vii) comply with all <br />applicable laws. <br />Conservation Measures. The Authority sha11 also establish conservation measures, such <br />as usage restrictions and education programs and which may, but are not required to, include rate <br />mechanisms. <br />Low Income Measures. The Board sha11 also implement a method for evaluating the <br />economic impact of rate increases on residential Retail Customers and devise a plan or plans for <br />mitigating such impact on qualified low income residential Retail Customers. Wholesale <br />Customers agree to do likewise for qnalified low-income residential end-users within their <br />boundaries. <br />-10- <br />