(a) (1) Except as hereinafter provided, after an electrical system plan has been approved and before any materials are procured or installed by the city in a new electrical system area, the developer of such area shall deposit with the City Clerk the sum of $2,000 from which the Clerk shall make such withdrawals from time to time as are necessary to pay the cost of purchasing materials for installation in the new electrical system.
(2) If the deposit of $2,000 is insufficient to pay the cost of materials needed to complete the new electrical system, then such additional deposits of $2,000 may be required of the developer as are necessary to complete installation of materials within the new electrical system area.
(b) If, after a new electrical system plan has been approved, the Superintendent shall certify to the city that a sum of less than $2,000 shall be sufficient to complete installation of materials within the new electrical system area, and the city shall approve a deposit in a lesser amount, the developer may deposit such sum less than $2,000 as the city shall approve.
(c) Upon completion of a new electrical system area, the City Clerk shall refund to the developer any monies on deposit which shall not have been used for the purchase of materials.
(Ord. 1225, passed 5-2-1995)