Utility Deposit Bond - Fitzgerald Water, Light & Bond Commission in Georgia

Brief Summary

A utility deposit bond lets a customer of the Fitzgerald Water, Light and Bond Commission open or expand service without tying up cash in a deposit. The customer pays a premium to the surety instead, and the cash stays in the business where it is needed.

The Fitzgerald Water, Light and Bond Commission, which operates utility service for the City of Fitzgerald, Georgia, may accept a surety bond in place of a cash deposit. The bond guarantees the Commission will be paid for the customer's unpaid utility bills up to the bond amount. Confirm the required amount and the Commission's bond form before the bond is issued.

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How to Apply for a Utility Deposit Bond:

• Ask the Fitzgerald Water, Light and Bond Commission for the deposit amount on your account.
• Confirm the Commission will accept a surety bond and whether it uses its own form.
• Provide the legal name of the account holder exactly as it appears on the service application.
• Complete the bond application and review the quoted premium.
• Deliver the executed bond to the Commission before service starts.

Detailed Information About the Georgia Utility Deposit Bond:

What this bond actually guarantees

A utility deposit bond protects the utility, not the customer. The Fitzgerald Water, Light and Bond Commission is the obligee. The customer is the principal and promises to pay its utility bills. If the account closes or defaults with an unpaid balance, the Commission can claim against the bond for the amount owed, up to the bond limit, and the surety then collects that amount back from the customer.

Who uses it

Businesses and other customers who are asked for a deposit to start or increase service use the bond in place of handing over cash. The Commission is listed among the City of Fitzgerald's authorities, boards and commissions, and the city's contact point is City Hall at 302 East Central Avenue, Fitzgerald, GA 31750, phone 229-426-5060.

Before you order the bond

Ask the Commission three things: the deposit amount it requires for your account, whether it will take a surety bond for that amount, and whether it has its own bond form. Have the bond written to that exact amount and form, with the customer name matching the service application, and deliver the executed bond to the Commission before service is connected.

Eligibility and Requirements for a Georgia Utility Deposit Bond:

• Fitzgerald Water, Light and Bond Commission named as obligee.
• Bond amount equal to the deposit the Commission sets for the account.
• Account holder name on the bond matching the utility service application.
• Bond kept in force for as long as the Commission requires security on the account.

Georgia Utility Deposit Bond FAQs:

Official and Additional Resources for the Georgia Utility Deposit Bond: