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The Utilities Director shall keep a record of all deposits made with the Water Division, together with the name of the depositor and the amount deposited, and such deposit shall be deposited by the Utilities Director with the City Treasurer in a separate account within the water utility fund to be known as customers’ deposits; and shall pay to the depositor interest at the rate determined by the State Corporation Commission, such interest to be credited on January 1st succeeding such deposit and on January 1st thereafter and shall be payable at the Water Division in cash credited on the utility bill. Interest credited to the customers’ deposits shall be charged to the water utility fund. Any interest credited shall not draw interest. Interest earned and received by the City on invested customers’ deposits shall be credited to the water utility fund. The fund shall be maintained separately by the City Treasurer and upon discontinuance of service the deposit shall be returned to the customer together with unpaid interest on the deposit at the current rate established for each calendar year as prescribed by K.S.A. 12-822, as may be amended, provided all bills for all City utility services including water repairs or other service rendered shall have been paid by the customer. Should the fund accumulate in a sufficient amount for investment, it shall be invested by the City Treasurer in bonds of the City or in such other securities as prescribed by K.S.A. 12-822 and 12-1675, as may be amended. (Ord. 20089 § 10, 10-17-17.)

Cross References:City Treasurer, TMC 2.20.020.

State Law References:Mandate for this section, K.S.A. 12-822.