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The charges for rental of such equipment shall be sufficient to cover the repair, replacement, purchase and operation thereof, and the terms of rental shall be on an annual, monthly, daily, hourly, mileage or other basis as determined by the mayor. A schedule of such charges shall be prepared by the mayor, subject to approval by the city council. Such rental rates shall be reviewed, and if need be revised, periodically to meet changing costs of repair, replacement, purchase and operation. (Ord. 1378 § 4, 1965)