All electric service deposits, when received by the city, shall be held separate and apart in a fund to be known as the Electric Service Deposit Fund. This Fund is a trust fund for customers of electric service from the city, and may be invested by the city as other idle or surplus funds under its jurisdiction are invested, and such rate of interest per annum may be paid to the beneficiaries of the fund as the city may determine from time to time. When, for any reason, electric service is no longer required, the service deposit shall, upon demand, be returned to the customer by the Utilities Manager, with proper deductions for unpaid service charges and other arrearages due the city. The Utilities Manager shall give each applicant or customer a separate receipt for all service deposits received by this Department.
(Prior Code, § 52-46)