Utility Deposit Bond - City of Kingsland, GA in Georgia

Brief Summary

A utility deposit bond lets a customer give the City of Kingsland a surety's guarantee instead of handing over a cash deposit. For a business opening a commercial account, that can keep a large deposit in the operating account where it belongs.

The City of Kingsland, Georgia is the obligee on this utility deposit bond. The bond stands in place of a cash deposit on a city utility account and guarantees that the account holder will pay the utility bills owed to the city. The deposit amount is set by the city for each account, so get the required figure and the city's bond form from Kingsland's utility office before the bond is written.

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How to Apply for a Utility Deposit Bond:

• Open or request utility service with the City of Kingsland.
• Ask the city for the required deposit amount and whether a surety bond is accepted in place of cash.
• Get the city's bond form if it has one.
• Apply for the bond in the account holder's exact legal name and pay the premium.
• Deliver the executed original bond to the city's utility office.

Detailed Information About the Georgia Utility Deposit Bond:

Start with the city's number

The amount on a utility deposit bond is not a fixed statewide figure. It matches the deposit the City of Kingsland asks for on your account, which usually depends on the type of service and the expected usage. Ask the city's utility billing office for the exact deposit amount, whether it will accept a surety bond in place of cash for your account, and whether it has its own bond form. Have those three answers before you apply.

What the bond guarantees

The account holder is the principal, the City of Kingsland is the obligee, and the surety guarantees payment. If the account closes with an unpaid balance, the city can claim against the bond up to its face amount. The surety then looks to the account holder to repay it. The bond protects the city, not the customer, so it does not reduce what you owe on your bills.

Who uses it

Utility deposit bonds are most common on commercial accounts, where a cash deposit can be large. Restaurants, retailers, contractors and property managers opening new service are typical buyers. Keep the bond in force for as long as the city requires a deposit on the account. Ask the city when it will release the bond, since many utilities return deposits after a period of on time payment.

Eligibility and Requirements for a Georgia Utility Deposit Bond:

• City of Kingsland named as obligee.
• Bond amount equal to the deposit the city sets for the account.
• Principal name matching the utility account holder exactly.
• Owner or business credit review by the surety.

Georgia Utility Deposit Bond FAQs:

Official and Additional Resources for the Georgia Utility Deposit Bond: