13.76.070
Any payment or deposit of monies by the tenant, the primary function of which is to
secure the performance of a rental agreement or any part of such agreement, including an
advance payment of rent, shall be placed by the landlord, in an interest bearing account at an
institution whose accounts are insured by the Federal Savings and Loan Insurance Corporation
until such time as it is returned to the tenant or entitled to be used by the landlord. The interest
earned by said payment or deposit on monies shall be returned to the tenant annually, either
through a rent rebate or cash payment, in December of each year. The balance of any interest
earned by said payment or deposit on monies shall be returned along with the appropriate part
of the principal to the tenant upon departure from the premises.
(Ord. 5467-NS § 7, 1982: Ord. 5261-NS § 7, 1980.)