[1943 Code, § 210.11; Ord. 97-35, 10-20-1997, § 1]
Upon the completion of any contract regulated by this article and the filing in the office of the Village Clerk of the certificate of the officer under whose supervision the work was done, stating that he has inspected such work and that same was done according to contract and specifications, and on approval thereof by the President and Board of Trustees, the clerk and the President shall issue their warrant on the Finance Director for the amount due such contractor or contractors; and they may, when so stipulated in the contract or with the consent of the President and Board of Trustees, from time to time during the prosecution of the work, upon the filing of the certificate of the proper officer stating that he has examined or computed or measured such work and that he finds that there is a sufficient amount completed to cover the estimate, all done according to contract, and on the acceptance and approval as aforesaid, advance to the contractor, and draw their warrant upon the Finance Director for such advance, to reserve in all cases at least 15% of the estimate, to be paid upon the completion of the contract; provided, however, that this section shall not affect any contract originating in the board of local improvements.