(a) When application is made for a new consumer account, a deposit shall be required per a posted schedule, as approved by the Manager from time to time, to secure payment of the aggregate bill. The deposit may be retained by the City so long as the applicant receives municipal utility services, unless financial responsibility is established, which shall be defined as twelve consecutive months of timely payments of the monthly water and sewer bill, in which case said deposit shall be returned.
(b) For existing accounts, interest shall stop accruing on the deposit as of the effective date of this chapter.
(1) For existing deposits which meet the above definition of financial responsibility, the deposit and any previously accrued interest will be returned within twelve months of the date of this chapter.
(2) For existing deposits which do not meet the above definition of financial responsibility, the deposit shall be held until financial responsibility is met, however, any previously accrued interest shall be returned within twelve months of the date of this chapter.
(Ord. 2018-11. Passed 3-5-18.)