Service deposits when received by the Treasurer from the cashier shall be held separate and apart in a fund to be known as “Water Service Deposit Fund,” which is in the nature of a trust fund. When for any reason water service is no longer required, the service deposit shall, upon demand, be returned to the customer with proper deductions, if any, for unpaid rentals, or arrearages due the water system and reasonable depreciation on the meter surrendered, as fixed by the Public Works Director. The Public Works Director or cashier shall give each applicant or consumer separate receipt for all service deposits received by him or her and the receipt shall be surrendered for cancellation by the consumer when seeking repayment of the service deposit. The funds shall be put out at interest and the income therefrom shall be expended solely for the repair and the testing of water meters and for the purchase of new water meters.
(Prior Code, § 51.032)