§ 106-56. Meter deposits.

The meter deposits for the indicated services shall be as shown below:

(1)

Water—Residential:

a.

Owner .....$ 10.00

b.

Nonowner .....20.00

(2)

Electric:

a.

Residential:

1.

New applicant. No deposit, provided that the new applicant can deliver an approved letter of credit from the applicant's previous electric utility in a form approved by the electronic department.

2.

With adverse credit history or no appropriate letter of credit .....100.00

3.

Persons residing in North Little Rock Housing Authority property .....50.00

b.

Multiple dwelling:

Two-unit complex .....55.00

Three-unit complex .....75.00

Four-unit complex .....95.00

Five-unit complex .....115.00

Six-unit complex .....135.00

Seven or more units: See nonresidential deposits.

c.

Nonresidential customer: A cash deposit not to exceed two estimated average bills is to be obtained prior to furnishing service to a commercial or industrial customer. As an alternative to a cash deposit, if the amount required exceeds $200.00, the customer may furnish a surety bond, or a letter of guarantee from an acceptable principal or parent company, or an irrevocable letter of credit from a local bank.

d.

The electric department general manager, or his designate, is authorized to set deposit rates, and, specifically, to accept and set deposit rates for transferees from the AP&L system or other providers. Also, the general manager or his designate shall review all nonresidential deposits semiannually to determine if the amount of deposit or surety bond on file is adequate in view of the then current credit experience with the customer.

(Code 1980, § 32-74; Ord. No. 6829, § 1, 8-22-94; Ord. No. 6852, § 1, 10-24-94)