(A) At the time of the application of any person desiring a supply of water as called for in § 51.021, that person shall deposit to the benefit of the city established, conditioned that the applicant will pay within by the due date the amount therein stated in full to the city on each of the billing dates thereafter. In the event that the payments are not made within 15 days after mailing thereof, the city shall have the right to deduct the deposit so made, the full amount of such sum as may remain from time to time unpaid.
(B) The deposit as required in division (A) above shall be held in escrow by the city for a period of one year from the time that the service is installed and turned on. At the end of this one-year period of time, and provided all or no part of the credit has been applied to overdue bills during this period of time, the deposit shall be credited to the account of the subject service to apply on subsequent billings until the account is depleted. In the event that service is discontinued prior to the time that the credit is consumed, the balance of the deposit on hand in the account will be refunded after all bills due and owing the city for utilities is paid.
(C) In the event that the applicant pays all payments on or before their due dates, so that no money out of the deposit is credited to any overdue payment thereof, at the time of the refund as called for in this section, the city shall return the deposit. No interest shall be allowed or paid in the event that the account, or any part thereof, is used to apply upon overdue bills or assessments on utilities during this period of time.
(Prior Code, § 13.12.021) (Ord. 481, passed - -1981; Ord. 586, passed - -1993; Ord. 769, passed - -2011)