(a) The City shall require a deposit as security for the payment of utility bills from every consumer prior to the initiation of utility service, unless the consumer has a prior record of receiving utility service from the City which reflects timely payment; of municipal utility charges. Payment of utility charges shall be considered timely if the total amount of indebtedness due the City is fully discharged within thirty days of billing.
(b) At the end of one year of continuous utility service the deposit shall be refunded to the consumer with interest thereon at the rate of three percent (3%) per annum, if the consumer has established and maintained a record of timely payment of utility charges as defined herein. No interest shall be paid upon a security deposit if it does not remain on deposit with the City for a period of at least six consecutive months.
(c) The deposit, plus any interest due thereon, shall be returned to the consumer upon termination of utility service if all unpaid bills or other indebtedness to the City has been paid in full. All or part of the deposit shall be forfeited against any outstanding balance or debt thirty days after termination of service. Any remaining moneys shall be returned to the consumer.
(Ord. 1700 AC CMS. Passed 6-6-83.)
(d) The deposit shall be determined by the following formula:
Electric:
782 kilowatt hours X current annual rate
Water:
800 cubic feet X current annual rate
Sewer:
800 cubic feet X current annual rate.
(Ord. 95-68 AC CMS. Passed 9-19-95.)