(A) Accounting requirements. The Utility Manager shall keep or cause to be kept accurate records of all security deposits, including, but not limited to, the depositor's name, amount deposited, date of deposit, and deposits refunded,
(B) Administration of deposits. The Utility Manager shall administer cash security deposits in accordance with the following rules:
(1) A deposit will be applied toward a payment of the final bill amount due the city when service account is closed or becomes inactive due to delinquency, transfer of ownership or other reasons.
(2) A deposit made to secure service to premises may be transferred toward deposit requirement at another premises within the city where service is to be provided in the same depositor's name.
(3) No interest shall be payable to customer for security deposits held by the city.
(4) Deposits may be invested or used for capital improvements, but sufficient cash shall be accounted for and kept on hand to meet the normally anticipated level of funds.
(5) Deposits can only be refunded to the person whose name the utility account bears or agent of the person.
(Ord. 10-1993-36, passed 10-12-93) Penalty, see § 51.999