Commercial renters shall be required to make a cash deposit of two and one-half (21/2) times the average estimated monthly usage, which shall be held in escrow by the Village until the service is discontinued. 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 commercial renter 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, provided further that, should any amount of the deposit remain unclaimed, after all deductions, thirty six (36) months from the termination of water service, that remaining portion of the deposit shall be declared abandoned property and shall be surrendered to the Illinois State Treasurer, all in accordance with the Revised Uniform Unclaimed Property Act 1 as amended from time to time. 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)
Notes
| 1 | 1. 765 ILCS 1026/15-101 et seq. |