A. Security Deposit
The Cooperative reserves the right to require a security deposit from a Member. The security deposit shall be according to the Ohio Revised Code. Security deposits shall be required for, but not limited to, the following:
- A beacon score of less than 650 at sign-up
- Intentional or unintentional damage to Cooperative property
- Disconnection of electric service for non-payment
- Filing protection under bankruptcy laws
- Theft of electricity
- 2 returned checks for insufficient funds within a 12 consecutive month period.
A security deposit shall be refunded provided the Member maintains payment of their current monthly bill for twelve consecutive months. If the Member discontinues service and moves off the Cooperative's system, the security deposit, with interest, shall be applied to the Member's final bill. Simple interest at 3% shall accrue on deposits held by the Cooperative. The Cooperative reserves the right at any time to re-evaluate the adequacy of a deposit and/or credit worthiness of the member and adjust the deposit accordingly.
B. Commercial / Industrial Security
- The Cooperative reserves the right to require a security deposit from a Member according to the Ohio Revised Code 4933.17.
- A surety bond may be furnished in lieu of a cash deposit for commercial and industrial members and if requested and if the member is qualified as acceptable by reputable insurance underwriters. A guaranteed arrangement for keeping the surety bond in force must be agreed upon and the minimum amount of the surety bond must be no less than twice the anticipated or current billing. The surety bond shall be subject to the approval of the Cooperative in its sole discretion and the bond shall be in the form as approved by the Cooperative, and shall specifically provide that it shall not be cancelled or otherwise rendered ineffective by principal thereof or the surety except upon 60 days prior notice thereof given in writing to the Cooperative. Failure to have a valid bond in force and effect shall be considered a breach of contract for the furnishing of electric service to the member and the Cooperative shall, in its discretion, be entitled to any remedy as otherwise provided, but specifically including the right to terminate electric service.
C. Termination of Service
- Upon termination of electric service to any member for any reason, the security deposit is applied to any unpaid amount owed the Cooperative before refunding any remaining balance of the deposit to the member.