1161.03 - Deposits for electric service.
(a) Moneys received by the city treasurer as a deposit guaranteeing payment for electric service furnished by the Division of Power, shall be temporarily entered in the City Auditor's account designated electricity customer deposit agency fund.
(b) All moneys transferred to the electricity customer deposit agency fund in accordance with C.C.C. 1161.05 shall be thereafter retained until either returned to the depositor, applied to the depositor's account in accordance with this section, or claimed by the lawful owner upon termination of the depositor's account. Upon the timely payment in full of all electric charges within a consecutive twelve-month period, moneys deposited as security will be applied to the depositor's account for the payment of electric charges associated with the account for which the security deposit was provided. The application of security deposit moneys may result in a credit balance that will be applied to charges but will not be refunded except upon termination of the depositer's account. not claimed within a period of five (5) years after termination of the services for which the deposit was made, such money shall revert to the Electricity System Revenue Fund of the Division of Power.
(Ord. 2972-87: Ord. 422-06 § 2 (part); Ord. No. 2398-2012, § 12, 12-3-2012; Ord. No. 2044-2019, § 13, 7-29-2019; Ord. No. 3194-2022, § 1, 12-5-2022)