Utility Deposit Bond - City of College Park, GA in Georgia

Brief Summary

When College Park sets a utility deposit of $500 or more for your business, you can post a payment bond instead of handing over cash. That keeps two months of projected utility billing in your operating account while the City of College Park still holds the security it requires to open the account.

The City of College Park requires a deposit when you apply for utility service. For applicants tied to a City business license, the deposit is two times the average projected monthly billing, and the city accepts a payment bond in place of cash, check or money order when the deposit amount is $500 or more. The bond guarantees the city that your utility bills will be paid.

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How to Apply for a Utility Deposit Bond:

• Apply for service in person with the City of College Park, as the utility FAQ requires.
• Bring evidence of your application for a City of College Park business license.
• Get the deposit figure from the city, which is two times the average projected monthly billing.
• Confirm the deposit is $500 or more, the minimum for paying by payment bond.
• Complete the bond application with the legal name on the utility account.
• Deliver the executed bond to the city at the time of application.

Detailed Information About the Georgia Utility Deposit Bond:

The $500 threshold

The point most applicants miss is that the bond option only opens up once the deposit reaches $500. College Park's utility FAQ says deposits can be paid by cash, check, money order, or with a payment bond if the amount is $500 or more. Below that figure, the deposit is paid in funds.

How the deposit is set

Residential deposits are flat amounts based on bedroom count and service type. Gas and electric residential service runs $75, $85 or $100 for one, two, or three or more bedrooms. Total electric residential service runs $125, $175 or $200 on the same scale. None of those reach the $500 bond threshold.

Applicants who must show evidence of applying for a City business license are treated differently. Their deposit is based on two times the average projected monthly billing for the account. A restaurant, plant, warehouse or multi-unit property with heavy usage can easily land well above $500, and that is where the payment bond earns its keep.

What the bond does

The customer is the principal, the City of College Park is the obligee, and the surety guarantees payment of the utility account up to the bond amount. If the account goes unpaid, the city can claim against the bond, and the surety then looks to the customer for reimbursement. The bond amount should match the deposit figure the city gives you. Confirm the current bond form and filing steps with the College Park utility office before the bond is issued.

Applying for service

The FAQ states that applicants must appear in person to apply for service and that the deposit is due at the time of application, so have the bond in hand when you go.

Eligibility and Requirements for a Georgia Utility Deposit Bond:

• City of College Park named as obligee.
• Bond amount equal to the deposit the city sets for the account.
• Principal name matching the utility account and business license application exactly.
• Owner or business credit review, which shapes the premium.
• Current bond form and filing steps confirmed with the city before issuance.

Georgia Utility Deposit Bond FAQs:

Official and Additional Resources for the Georgia Utility Deposit Bond: