The Clerk-Treasurer shall establish segregated accounts within the town’s Special Deposit Fund to be known as the “Electric Utility Deposit Account” and the “Water Utility Deposit Account”. When a utility deposit is received from a customer, the Clerk-Treasurer shall credit such deposit to a subaccount under the depositor’s name within the appropriate utility deposit account. The depositor shall not be entitled to any interest on utility deposits while held by the town. Moneys credited to the utility deposit accounts may be invested and earnings and gains distributed in the same manner as for other moneys in the Special Deposit Fund.
(Prior Code, § 3-6-2) (Ord. 85-18C, passed - -1985)