Item 7E
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ORDINANCE 80-04-68
AGENDA ITEM #7E
JULY 26, 2004
AN ORDINANCE AMENDING CHAPTER 22 UTILITIES,
ARTICLE II WATERWORKS SYSTEM, SECTION 22-27.1
UTILITY DEPOSITS PARAGRAPH (B) DELETING REFERENCE
TO THE PAYMENT OF INTEREST ON CUSTOMER DEPOSITS
AND TO PROVIDE AN EFFECTIVE DATE
WHEREAS; The City has paid three (3) percent interest on utility deposits over
the years, and
WHEREAS; the City earns less than three (3) percent interest on those same
invested funds resulting in a net loss to the City to hold the deposits, and
WHEREAS; the City has determined that it is in its best interest to eliminate
interest on deposits.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION
ON BEHALF OF THE PEOPLE OF THE CITY OF ATLANTIC BEACH,
FLORIDA, that;
Section 1. Chapter 22 of the City Code of Ordinances be amended as
follows:
(b) The deposit of any customer shall be refunded '+~ ' + ~+ + +i. + ~
a$er twenty-four (24) months from the date of
deposit, provided the customer is current in all payments and has timely
made all payments during the preceding.twenty-four (24) months. If any
customer becomes delinquent in payments after his deposit has been
refunded pursuant to this section, the city may require an additional
deposit for service to continue..
Section 2. This ordinance shall take effect immediately upon its adoption.
Passed by the City Commission on first reading this day of July, 2004.
Passed by the City Commission on second and final reading this day of July, 2004.
Approved as to form and correctness:
John S. Meserve
Mayor /Presiding Officer
Alan C. Jensen, Esquire
City Attorney
ATTEST:
Maureen King, CMC
City Clerk