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Pg. 6. • (f) The director of finance and city manager are autho- rized to enter into agreements with responsible organizations or individuals to provide for a guaranty of the account of individ- uals meeting established criteria, in lieu of any required_ initial deposit, in an amount equal to the deposit which would otherwise have been required, provided such agreement in their judgment gives the city substantially equivalent security. Beginning March 1, 1981, simple interest shall accru on all deposits held for more than ninety days, at the rate of six percent per annum. Such interest shall continue to accrue until the deposit is refunded or until a reasonable effort is made to refund it, and this interest shall be paid with such refund. Section 29-5.1. Delinquent accounts; finance charge; termination of service. (a) All bills for water and sewer service and other charges rendered pursuant to this chapter shall be payable upon presenta- tion, and shall be considered to be in arrears if not paid prior to the rendering of the next monthly billing. Any amount for • which payment has not been received w}tk}m-tl�}rtp-&eys-e€-the by the next billing date shall be subject to the imposition of a finance charge of one percent per month for each month until payment is made. The next billing date shall be clearly stated on each monthly statement, and shall be not less than twenty-five days after the date of the current billing. (b) Payments received on any account shall be first applied to the amount of any unpaid finance charge, then to amounts in arrears reducing the oldest charges first, then to current billings. (c) In addition to the finance charge imposed under subsection (a), the director of finance may order the termination of service to any customer whose account remains in arrears more than ten days after such customer has been mailed a final-metiee delinquent statement which metiee shall plainly indicate that service may be terminated if payment is not made. (d) The director of procedures to ensure that who wishes to dispute any termination notice imposed • administrative review of s persons within the finance made the initial determine finance shall establish administrative any applicant for service or customer bill, deposit requirement, charge or under this uch dispute department, tion in such hapter is entitled to an y a designated person or other than the person wh te.