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(A) A deposit will be required upon application for service. A satisfactory letter of good payment history may be submitted in lieu of a deposit. On or about October 1 of each year, the city shall calculate the interest accrued on the deposit for each account and deduct that amount of interest from the amount due during the October billing cycle. The interest deductible under this section shall be equal to the interest paid on a savings account at local financial institutions as of September 30 of the same year. Deposits for residential service will be refunded, with the appropriate interest, at the end of two years of satisfactory payment history, or upon discontinuance of service, after any outstanding charges due to the city have been deducted. Commercial service deposits are refunded only at the discontinuance of service, after any outstanding charges due to the city have been deducted.
(B) At the discretion of the City Manager, a deposit may be increased by up to three times the average monthly bill if the customer is late in paying three monthly bills in any calendar year or if any such customer is disconnected or service is discontinued by the city for reasons of delinquency. Wastewater and water customer deposits are established by §§ 53.22 and 53.30.
(Ord. 1518, passed 11-6-14)