The public interest, welfare, convenience and necessity require the establishment, maintenance and operation by the city of a transit system for the carrying of passengers within the city. The establishment of such system shall be accomplished by the purchase and/or lease of the necessary rolling stock and other equipment and by the operation of the system with either city personnel or by entering into a contract for the operation and maintenance of the system. In order to acquire and operate the system the city council may arrange for the purchase in the manner required by law of the necessary rolling stock and equipment necessary to establish and operate the transportation system contemplated by this chapter and may likewise provide for the operation thereof by city employees or may enter into a contract or lease for the operation and maintenance of the system. The mayor shall fix the amount of fares payable by passengers and the charges to be made for other transit services, subject to council approval. The mayor shall determine routes, schedules and services to be provided. The mayor and city council, to the extent authorized by law, may enter into agreements with others to provide for the joint operation of a transit system which serves Everett and adjoining areas outside the city. (Prior code § 1.92.020.)