Or. Admin. Code § 860-034-0160 - Interest on Deposits for Residential and Nonresidential Utility Service
(1) Each year, the
Commission shall establish an annual interest rate that must be paid on
customer deposits. The Commission will base the rate upon consideration of the
effective interest rate for new issues of one-year Treasury Bills issued during
the last week of October, the interest rate on the most recent issuance of
one-year Treasury Bills, or the effective interest rate for the average yield
of Treasury Bills of the closest term issued during the last week of October.
This interest rate, rounded to the nearest one-half of one percent, shall apply
to deposits held during January 1 through December 31 of the subsequent year.
The Commission will advise all small telecommunications utilities of the
changes in the rate to be paid on customer deposits held as needed.
(2) Upon payment of a deposit, the small
telecommunications utility shall provide the customer documentation showing the
date, name of the applicant or customer, the service address, the amount of
deposit, a statement that the deposit will accrue interest at the rate
prescribed by the Commission, and an explanation of the conditions under which
the deposit will be refunded.
(3)
If the deposit is held beyond one year, accrued interest will be paid by a
credit to the customer's account. If held less than one year, interest will be
prorated. A small telecommunications utility shall keep a detailed record of
each deposit received until the deposit is credited or refunded.
Notes
Stat. Auth.: ORS 183, 756, 759 & Ch. 290, OL 1987
Stats. Implemented: ORS 759.045 & Ch. 290, OL 1987
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