Madisonville Municipal Utilities Informs Custermers of Interest on Deposits
MADISONVILLE, KY- Madisonville Municipal Utilities is informing customers of a recent change in Kentucky Revised Statute 278.46 regarding utilities to pay interest on deposits required of patrons. As stated in the statute, “The Commission shall calculate the interest rate on an annual basis by averaging the one (1) year constant maturity treasury rate from September, October, and November, and shall notify utilities in December of each year of the interest rate to be paid by utilities for the following calendar year.” Effective September 1, 2012 the new rate for the remainder of 2012 is 0.104%, a decrease from the 6% that was previously established by KRS.
The Madisonville Municipal Electric Utility policy regarding Interest on Security Deposits is as follows: MMU shall accrue interest annually on all customer security deposits retained by MMU at interest rates as outlined in the Kentucky Revised Statutes. During such period should the account experience one (1) or more late notices, such deposit will be retained until a continuous eighteen (18) months of clean history is achieved. When an account is terminated and all outstanding bills are paid, the security deposit (if any) shall be returned along with any interest due to the customer.
MMU customers are reminded that a continuous 18 months of clean history must be achieved in order to receive a deposit reimbursement. Customers having questions regarding an account may contact Madisonville Municipal Utilities at 270-824-2102.