Public utility charge.
Section 32
SEC. 32. Public utility charge. — Local governments shall have the power to collect charges for services rendered in connection with the operation of public utilities owned, operated and maintained them, a, the rates to be fixed by the loci board or council concerned. The maximum annual net profit that may be derived therefrom shall not be in excess of ten percent of the capital invested in the public utility. The yearly financial statements covering the utility shall he audited by the provincial or city auditor concerned and should the amount of the net profit of the public utility be found to be in excess of the percentage herein fixed, the charges thereof shall be accordingly adjusted and the excess shall be spent only for the improvement of the public utility.