(a) In considering applications for rate revisions, the authority will consider annual reports submitted by the applicant in accordance with section 452.2 of this Part. Applications for rate revisions shall be accompanied by such information as the authority may require to update information contained in the most recent annual report submitted by the applicant and such other information as the authority deems necessary to demonstrate that the requested rate revision is needed and is in compliance with the intent and purposes of the Power Authority Act, as amended (Public Authorities Law, article 5, title 1), and the Niagara Redevelopment Act (Public Law 85-159).

(b) Local public hearings re rate revision. In connection with any request for rate revision by the preference customers of the Power Authority, a contracting municipality shall hold a public hearing at an appropriate local office to afford reasonable opportunity for participation by all interested parties, or their representatives concerning such proposed rate revision. In the event there is a governing electric commission or board, the public hearing should be a joint undertaking between members of such commission or board and the municipal governing body. In order to provide for a reasonable opportunity for participation by the residents of the service area in which electric service is provided there shall be published in the local media, newspapers or otherwise, notice of such hearing in the manner required for an official notice to be issued by any municipality. The listing of such a hearing as an agenda item to be considered in addition to other items scheduled for a public hearing or consideration published in accordance with local law, custom or requirement shall constitute compliance with this provision. A contracting cooperative seeking such rate revision shall hold a meeting, upon 30 days' notice unless such notice be waived by its members, at which time such proposal for a rate revision shall be the subject of approval or disapproval. At this hearing or meeting as the case may be it shall be necessary to have data available to answer reasonable and responsible questions that could be reasonably anticipated. Such data should include, but not be limited to, the following:

If at such hearing or meeting as the case may be or the conclusion thereof, application for such request rate revision is approved, there shall be furnished to the authority a transcript of said hearing or meeting, if any, and if there be none a summary of the proceedings attested to by the official of the municipality or cooperative designated to act in the premises together with a request and recommendation to implement the proposed revised rates included in the form of an appropriate duly executed board resolution.