Any public water works board in a Class 1 municipality in the state shall pay interest per annum on all customer security deposits required for utility service. The amount of interest paid for each calendar year shall be at the federal funds rate in effect on December 31 of the preceding calendar year.
Ala. Code § 11-50-17
Payment of Interest by Waterworks Boards in Class 1 Municipalities on Customer Security Deposits.
(Acts 1980, No. 80-327, p. 448; Act 2011-336, p. 609, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.