Water takers who are not the owners of the premises, or who do not have a long term lease of five (5) years or longer on which metered water service is being supplied, shall pay to the department of public utilities, for deposit with the city treasurer, an amount sufficient to cover the cost of water rates which may accumulate. The amount deposited shall be not less than twice any monthly or bimonthly bill for water consumed over the preceding year on such premises, but in no case shall it be less than fifty dollars ($50.00). (Prior code § 49-6-64)