Before water service is provided to any residential tenant or contract purchaser, the tenant/contract purchaser shall deposit the sum of one hundred fifty dollars ($150.00), which shall be held in escrow by the Village until the service is discontinued. The term "residential tenant" includes an owner of a trailer home situated on leased property. Said deposit shall then be applied first to any unpaid balance and any balance remaining shall be refunded to the depositor.
Should any deposit remain after the deduction of any unpaid balance, and should such refundable portion of the deposit not be claimed within thirty (30) days after the termination of water service, and the Village be unable to locate the residential tenant or contract purchaser entitled to the deposit refund, the Village shall charge a non-refundable dormancy fee of five dollars ($5.00) per month, deducted from the remaining deposit on the first of each month, to cover the Village's transactional and administrative costs in maintaining the deposit escrow account, until such time as the deposit is claimed or its funds are exhausted. All applicants for water service shall be notified of this dormancy fee upon application for water services. The Village shall also send written notice to existing water service customers, who have made a deposit prior to the adoption of this dormancy fee, of the adoption of this dormancy fee. (Ord. 767C, 1-9-2019)