(A) Prior to the furnishing of any electric service to any user, the user shall be required to pay a deposit to the city in the amount of $150. The city reserves the right to require larger deposits when a customer has been identified as a credit risk for failing to pay off a previous utility account with the city or has failed to make 12 consecutive timely payments on a utility account with the city.
(B) All deposits will earn interest at the rate established by the State of Minnesota pursuant to Minnesota Statutes Section 325E.02(b). The rate will be published annually on the Department of Commerce website. Accrued deposit interest will be paid to users each year on the last day of the year as a credit to their account.
(C) Within 30 days after permanent discontinuance of service, the City Clerk shall return any deposit after deductions have been made for any unpaid obligations of the user in connection with the service provided.
(D) In the event that a user moves to a new service address, the deposit may be transferred to the new service address, but the user must pay all delinquent accounts in full for service to be provided or continued at another location. The city reserves the right to require a deposit for existing users without a deposit when moving to a new service address when the user has not established a payment history of 12 consecutive timely payments.
(Ord. passed 11-12-2013)