Customers with utility accounts for which the city is holding a security deposit as specified in the City Code shall earn interest as set forth herein. The city shall pay interest on such deposits based on the average rate of return earned for the 12 months ended August 31, less an amount equal to an administrative fee of 30 basis points. Interest will be prorated for the portion of the year that the deposit was held. The interest earned shall be shown on the customer’s account statement for the month of October of each fiscal year. Unless the customer specifically requests a refund of the interest earned, it shall be credited to his next due statement.
(Ord. 641, passed 12-15-82; Am. Ord. 1115, passed 3-20-95; Am. Ord. 1132, passed 9-20-95; Am. Ord. 1706, passed 10-5-11; Am. Ord. 1978, passed 11-17-21)