§ 15-7-409 — Meter deposit fund; investment; interest; repayment

The board of public utilities of any city or town engaged in the
business of supplying water or electricity to its inhabitants
which requires deposits to be made on water meters or electric
meters furnished its customers, shall place all monies received
from the deposits in a separate fund. The fund may be invested
in securities as provided by law for trust funds of cities or
towns. Any interest or income earned by or accruing to the fund,
not otherwise pledged for the payment of general obligations or
revenue bonds, may annually be transferred and paid into the
general fund of the city or town. Any person who has made or
makes a deposit on a water meter or electric meter is entitled
only to the repayment of the principal amount of his deposit.