AN ACT RELATIVE TO MUNICIPAL LIGHT PLANT DEPARTMENTS SECURITY DEPOSITS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 58A of chapter 164 of the General Laws, as appearing in the 2002
Official Edition, is hereby amended by striking out the first sentence
and inserting in place thereof the following 2 sentences:- A sufficient
to secure the payment for gas or electricity for 3 months may be required in
advance from any consumer, and if the advance deposit is retained for a longer
period than 6 months, the interest rate shall be paid annually to said
consumer or credited to his account. The rate of interest shall be revised
annually and shall be equal to yields on Treasury securities at constant, fixed
maturity 1-year rate as published by the Federal Reserve System and as
12 months ending December of the prior year.