§ 1107.02. Disposition of security deposits.

Latest version.

(a)

The city auditor is authorized and directed to transfer to the trustees of the sinking fund all moneys deposited as security for the payment of water rents.

(b)

All moneys transferred to the sinking fund in accordance with C.C. 1107.03 shall be thereafter retained until either returned to the depositor or claimed by the lawful owner. If 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 water system revenue fund of the Division of Water.

(Ord. 138-87; Ord. 422-06 § 2 (part); Ord. No. 2398-2012, § 5, 12-3-2012)

                    
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