§ 66-14. Rates.

Rates and installation fees charged by the qualifying company for service hereunder shall be fair and reasonable and designed to meet all necessary costs of the service, including a fair rate of return on net valuation of its properties devoted thereto under efficient and economical management. Qualifying companies agree that they shall be subject to all authority now or hereafter possessed by the township or any other regulatory body having competent jurisdiction to fix just, reasonable and compensatory rates and installation fees. The qualifying company shall initially charge the rates and installation fees shown on the schedule filed with the application for a franchise, which rates and installation fees shall be reviewed and approved by the Board of Supervisors prior to the issuance of the franchise. There shall be no increases in subscriber rates and installation fees except upon the approval of the Board of Supervisors pursuant to public proceedings affording due process. In the event of the failure of the Board of Supervisors to approve the application for increase it shall be referred to a Board of Arbitrators composed of three members, one of whom shall be selected by the township, one of whom shall be selected by the qualifying company and the third member shall be selected by the aforementioned designees. The Board of Arbitrators, pursuant to public proceedings affording due process, shall render a decision either approving or disapproving the proposed change of rates and installation fees within 30 days after the date of the appointment of the last member of said board and such decision shall be binding upon the township and the qualifying company. Appointments to said Board of Arbitrators by the township and by the qualifying company shall be made within 15 days after action of the township disapproving the proposed rate and installation fee change.