The Text

The legislature shall pass no bill, resolution or other measure prohibiting any municipal corporation operating a gas, electric, or water public utility service from making and receiving, in addition to an amount equivalent to taxes which the said service, if privately owned, would pay to such municipal corporation, a fair return on the value of the property used and useful in such public utility service, over and above costs of operation and necessary and proper reserves, or prohibiting the use of the profits resulting from the operation of a public utility service for the payment of expenses or obligations incurred by such municipal corporation for municipal purposes, or prohibiting the use of such profits for the payment of refunds to consumers.