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A utility deposit for commercial customers shall be required as set forth in this section. The amount of the deposit shall be as follows:
(A) All commercial customers who locate in previously existing buildings shall pay a utility deposit in an amount equal to two months of average billing for all utility service requested for the building; said deposit, however, shall in no event exceed $1,000.
(B) All commercial customers who locate in newly constructed buildings shall pay an amount equal to two months of average billing for all utility service for a like business located within comparable size buildings, and such determination shall be made by the utility office of the city; said deposit, however, shall in no event exceed $1,000.
(C) In no event shall a utility deposit for a commercial customer be less than $250.
(D) In lieu of paying the deposits, commercial customers may provide an irrevocable letter of credit in an amount equal to the amount determined by the utility office of the city to be the appropriate deposit. The irrevocable letter of credit shall be issued by a financial institution insured by the Federal Deposit Insurance Corporation and it shall be for the benefit of the city.
(E) Except as otherwise provided for in this section, any cash deposit posted under the provisions of this section shall remain with the city until the customer terminates service and will be applied to the final billing. Such deposit may also be applied by the city toward payment of any customer delinquent bill for electrical service. No interest shall be paid to the customer on the deposits.
(Ord. 2004-22, passed 6-7-04)