The Municipal Council is the policy making body of the City and thus shall exercise the legislative powers of City government, including the adoption of the Provo City Code, other ordinances and resolutions, approving long-term contracts or commitments of City resources beyond current fiscal budget, setting appropriate tax levies, adopting the City budget, setting sewer, water, and power rates, and other general and service rates, and will exercise other rights and responsibilities accorded the Council by law.