1.  Application of this section.  Notwithstanding section 310, 6104 or 6104‑A, a consumer-owned water utility may elect to adjust rates pursuant to this section.  

2.  Maximum rate adjustment.  The maximum rate adjustment that a consumer-owned water utility may propose under this section is 1.5% of current total annual revenue. A consumer-owned water utility may not propose a rate adjustment under this section more than once every 11 months.  

3.  Notice of proposed rate increase.  The consumer-owned water utility shall, at least 30 days prior to the effective date of the rate adjustment, provide notice of the proposed rate change to the commission, to the Public Advocate and to its customers in a manner prescribed by the commission. Any such notice must include a statement describing the amount of the rate adjustment, the percentage change for each customer class and a brief explanation of the reason for the rate adjustment. A consumer-owned water utility that elects to adjust rates pursuant to this section and has been granted an exemption from sections 6104 and 6104‑A by the commission in accordance with section 6114 is exempt from the requirement to file the notice of the proposed rate change with the commission and the Public Advocate under this subsection.  

4.  Filing changed rates.  The consumer-owned water utility shall file, in a manner prescribed by the commission, its adjusted rates with the commission and the Public Advocate at least 30 days prior to the effective date of the rate change.  

5.  Effective date established for rate change.  Subject to the notice and waiver requirements of section 307, a consumer-owned water utility electing to adjust rates under this section may establish an effective date for a rate adjustment of at least one month, but not more than 9 months, from the date the rates are filed with the commission under subsection 3.  

6.  Investigation of rates.  Nothing in this section prohibits a consumer-owned water utility from petitioning the commission for investigation pursuant to section 310 or filing a rate change pursuant to section 6104 or 6104‑A.  

7.  Correction of errors.  Upon review of a rate filing made pursuant to this section, the commission may order the consumer-owned water utility to correct mathematical or clerical errors.  

8.  Suspension of the adjustment.  Notwithstanding any provision of this section to the contrary, the commission may at any time within the period preceding the effective date of the rate adjustment suspend the adjustment by filing with the proposed adjustment and delivering to the consumer-owned water utility a statement of its reasons for the suspension. The suspension may not be for a period longer than 12 months from the effective date of the order of suspension.