Deposits

1. Amount of Deposit

   1. The Association will not require a residential consumer to provide a deposit if the consumer:
      1. Has established satisfactory credit with the Association or any other electric utility.
      2. Is the surviving spouse of an Association member who had a satisfactory credit history applying for membership.
   2. Any other consumer shall make and maintain a deposit equal to two times the highest actual monthly bill or estimated bill if the actual billing is unavailable.
      1. Deposits for non-residential service may be in the form of cash, Nevada bank letter of credit or bond acceptable to the Association.
      2. A consumer who has posted a deposit may request a re-determination any time after 12 months of continuous service. The Association may re-evaluate a consumer’s deposit amount at any time. Should the evaluation show a lesser deposit be required, the difference between the deposit previously posted and the required deposit after re-evaluation shall be refunded to the consumer including any unapplied accrued interest. If the required deposit after re-evaluation is greater than the previous deposit, the consumer shall make an additional deposit.
   3. The Association may require a consumer, who has not been required to provide a deposit, to provide a deposit once his credit has become unsatisfactory.
   4. All funds deposited shall be held in the name of the consumer and shall be deemed by the Association to be the property of the consumer in whose name the deposit is made. Any modification of the foregoing shall be only effective if in writing and signed by both the consumer and the Association.
2. Return of Deposit
   1. The Association will return the deposit and any unapplied accrued interest less all sums due the Association at the time service is discontinued.
   2. The Association shall return any deposit paid by a consumer if the consumer has made no late payments for twelve (12) consecutive months. The Association will refund the deposit with interest thereon as provided in Paragraph C.
   3. A deposit may be transferred from one account to another account of the same consumer (at the request of the consumer) and with the consent of the Association.
3. Interest on Deposits
   
   Interest shall be earned on deposits in the manner described in NRS Section 704.655(1). Such interest shall be earned from the date of the deposit until application of the deposit to amounts due to the Association or return of deposit. Interest earned as of December 31 of each year shall be applied to the consumer’s January bill.
4. Satisfactory Credit
   
   Satisfactory credit is the payment of Association power bills for utility service for 12 consecutive months, without termination of service and with no late payments during that period. Any history of payment that does not meet these requirements is unsatisfactory credit.