(A) A separate account of each consumer deposit shall be made showing the date on which the deposit is received, the name of the depositor, and the amount thereof. The city shall pay to the consumer making the deposit (and to consumers who have made deposits prior to the enactment of this sub-chapter) interest at a rate as established by resolution of the City Council, the interest to be credited on the first day of January succeeding the deposit and on the first day of January thereafter, and shall be payable at the Finance Director/Recorder's office in the City Hall, in cash, on demand of the depositor. Any interest credited shall be subject to call and payment at any time, but shall not draw interest.
(B) Upon discontinuance of service the deposit shall be returned to the consumer together with unpaid interest on the same provided all bills for water, repairs, or other services rendered have been paid by the consumer and the consumer surrenders the original deposit receipt.
(C) The advance deposit, together with the interest due thereon, may be applied to the payment of any accrued bills, or bills due on discontinuance of service.
(D) Deposits received from consumers as security for the payment of service which remain uncollected for a period of two years after the discontinuance of service to the consumer may be transferred to the waterworks fund. The deposit money may be invested from time to time by the city.
(Ord. 429, passed 6-14-61; Am. Ord. 1560, passed 2-25-85)