(A)   Generally.
      (1)   The Town Council may require the owners, lessees or users of property served by the works to pay a deposit to ensure payment of sewer fees.
      (2)   The deposit required may not exceed the estimated average payment due from the property served by the sewage works for a three-month period. The deposit must be retained in a separate fund.
      (3)   The deposit, less any outstanding penalties and service fees, shall be refunded to the depositor after a notarized statement from the depositor that as of a certain date the property being served:
         (a)   Has been conveyed or transferred to another person; or
         (b)   No longer uses or is connected with any part of the municipal sewage system.
      (4)   A statement must include the name and address of the person to whom the property is conveyed or transferred.
      (5)   If a depositor fails to satisfy costs and fees within 60 days after the termination of his or her use or ownership of the property served, he or she forfeits his or her deposit and all accrued interest. The forfeited amount shall be applied to the depositor’s outstanding fees. Any excess that remains due after application of the forfeiture may be collected in the manner prescribed by I.C. 36-9-23-31 or I.C. 36-9-23-32. A deposit may be used to satisfy all or part of any judgment awarded the municipality under I.C. 36-9-23-31. A deposit that has remained unclaimed by the depositor for more than seven years after the termination of the services for which the deposit was made becomes the property of the municipality. I.C. 32-34-1 (unclaimed property) does not apply to such deposits.
(I.C. 36-9-23-28)
   (B)   Unclaimed overpayments; waste water utilities. An overpayment of sewer fees by an owner, lessee or user of property served by the sewage works that remains unclaimed for more than seven years after the termination of the service for which overpayment was made becomes the property of the town.
(I.C. 36-9-23-28.5)
   (C)   Unclaimed water, gas and electric utility deposits.
      (1)   I.C. 32-34-1-1 exempts unclaimed meter deposits required by a municipally owned water, gas or electric utility from the requirements of the Unclaimed Property Act.
      (2)   These unclaimed meter deposits may be transferred to the utility’s operating fund in accordance with the utility’s written policy covering such deposits.
   For specific deposit amounts, see § 53.01