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Form of Deposit: The deposit shall be in the form of a cash deposit or an irrevocable <br />letter of credit. If in the form of an irrevocable letter of credit, the letter of credit shall be <br />renewed at least 30 days prior to its expiration. Failure to renew a letter of credit will <br />result in the letter of credit being drawn on and the cash recovered from the letter of <br />credit being held by ERMU as a cash deposit. If ERMU is not able to draw on the letter <br />of credit, the customer shall submit a cash deposit prior to expiration of the letter of <br />credit. Failure to submit the required deposit shall be cause for immediate termination of <br />service by ERMU. <br />Receipt for Deposit: At the time the deposit is made ERMU will furnish the customer <br />with a written receipt specifying the conditions, if any, the deposit will be diminished <br />upon return. <br />Return of Deposit: Any deposit received by ERMU shall be returned to the customer <br />within 45 days of termination of service, provided that the customer has paid in full all <br />amounts due on the account. If the customer has not paid in full within 30 days of the <br />termination of service, the deposit will be applied to any outstanding amounts owedby <br />the customer to ERMU. If the deposit exceeds the amount due, the balance will be <br />returned to the customer. If the deposit is not sufficient to cover the amount due, the <br />customer shall remain liable to ERMU for the balance and shall pay the balance due <br />within 15 days of notice from ERMU. ERMU reserves the right to use reasonable legal <br />means to collect amounts due. <br />Interest on Deposits: Interest shall be paid on all deposits in excess of $20 at the rate <br />established by Minnesota Statutes. ERMU may, at its option, pay the interest at intervals <br />it chooses, but at least annually, by direct payment or as a c <br />account. <br />Submission of and Exceptions to Deposit Requirement: <br />A. Residential Customers. <br /> Residential customers may submit the required deposit at the time service is <br />Failure to pay a deposit when billed shall be cause for ERMU to immediately terminate <br />service. ERMU may, in its discretion, waive the required deposit for residential <br />is above 90 percent probability of non-default, and <br />the customer has no history of disconnection for non payment to ERMU, and no history <br />of late payments to ERMU two times in 12 months. <br />B. Commercial and Industrial Customers. <br /> All commercial and industrial customers will complete an application for service <br />that identifies the individual or business entity that will be entering into a service <br />agreement and will pay an application fee per the fee schedule. All commercial and <br />industrial customers shall submit the required deposit and enter into a service agreement <br />2 <br />47 <br /> <br />