Where estimated costs for road construction exceed $50,000, partial or periodic reductions of construction security may be allowed. Partial or periodic reduction cannot exceed ninety percent (90%) of the security and will be signed by the Mayor as authorized by the City Council. Requests for periodic reductions must be accompanied by Lender’s certified statements of amounts paid for completed work, professional engineer certification of quantities of work completed, and contractor’s receipt of payment for work completed.
(Ordinance 0035 adopted 1/11/94)