The Water Utility Director may, at his/her option, allow or require a utility service bond in lieu of a cash deposit for commercial and industrial applicants for service. Such utility service bond shall be on a form approved by the Town Attorney, and the Town Water Utility Director shall have the power to execute such bond on behalf of the Town. The provisions of 15-5-1 through 15-5-4 of this chapter shall apply to utility service bonds. ((O)07-41, 11/07/2007; (O)96-13, 03/25/1996)