All applications for water service shall be made in writing upon a contract blank furnished by the Water Department, which shall state fully and truly the purpose for which the service is required. At the time of the making of the application, the person, firm or corporation applying shall pay to the Water Department a meter deposit at the rate and amount currently established by the Superintendent of the Water Department, who is hereby given the authority to fix the amount of such deposits from time to time as the interests of the city shall require. Such meter deposits shall be retained by the city during the continuance of service and returned upon the discontinuance of services to the party making the same, subject, however, to any deductions for unpaid water charges when standing against the account of the customer at the time. No interest will be paid upon meter deposits by the city. Meter deposits may not be sold, transferred or assigned by the parties making the same.
(`83 Code, § 17-302)