(a) Extension of credit. Solid waste collection companies licensed by the county, business concerns and other persons who deposit in excess of twenty (20) tons monthly of disposable refuse at the county solid waste acceptance facilities may apply for an extension of credit by submission of an application for credit to the director of finance.
(b) Posting collateral. As a prerequisite for extension of credit, collateral (accompanying the application for credit) shallbe deposited with the director of finance in the form of cash or certified check or equivalent security approved by the chief administrative officer and county attorney in an amount equal to a normal forty-five-day billing period. The computation of the amount of collateral required shall be determined by multiplying the number of tons per month as determined by the director by one and one-half (1) times the per-ton solid waste disposal charge.
(c) Waiver of collateral. Waiver of collateral is restricted to federal, state and local government agencies delivering disposal refuse to the county disposal facilities on vehicles owned and operated by these agencies. (1981 L.M.C., ch. 37, § 1.)