Section 94. Earnings of municipal corporations from certain municipally operated public utility services

Any municipal corporation operating  a  gas,  electric  or water public utility service may earn from and out of
  such operation an amount equivalent to taxes which the said service,  if
  privately  owned,  would  pay  to  such  municipal  corporation; and, in
  addition, such municipal corporation may  earn  from  and  out  of  such
  operation  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.  Profits resulting from the operation of
  such a public utility service may be used for the payment of expenses or
  obligations  incurred  by  such  municipal  corporation  for   municipal
  purposes  or  for the payment of refunds to consumers. The provisions of
  this section shall not apply  to  any  gas,  electric  or  water  public
  utility service operated by the city of New York or any agency thereof.