Prior to receiving electric, water, or sewer service, consumers may be required to deposit a sum of money not to exceed the estimated cost of the service for a period of two months, the sum of money to be held by the city and applied to the payment for utility services in the event the consumer defaults in payment therefor. The city will pay interest on the deposit required hereunder and so remaining for six months at the rate of 6% per annum, payable when service is discontinued. Upon discontinuance of service, the city shall refund the deposit with accumulated interest and less any unpaid bills.
('58 Code, § 17-3)