Ordinance 1439 - Laserfiche WebLink

r , rate not to exceed eight per cent per annum from the date to the time fixed in the proposal for the completion of the contract, plus ninety days allowed for the approval of the assessment roll and issue of bonds, beyond which the city shall not allow interest. The estimates of said commissioner shall be filed with the city clerk and he shall certify said estimate, together with any accrued interest on warrants issued to the contractor, as hereinbefore provided, to the city council. Said contract shall provide that at least thirty per cent of the amount due the contractor on estimates shall be retained to secure the payment of laborers who have performed work thereon and material-men who have furnished materials therefor, and such laborers and material-men shall have thirty days after the work has been completed for a lien on such thirty per cent so reserved for labor done and material furnished. No contract shall be considered as completed until the commissioner of public works shall file his final estimate and approval of such work. The thirty per cent reserve provided for herein shall draw interest from date of release to a date ninety days after the time fixed in the proposal for the completion of the contract. �� •� ' Sec. 19: Whenever any local improvement is made in whole or in part directly by the city by day labor, the city council may provide for the issuance of local improvement warrants upon the local improvement fund created by the ordinance ordering the improve- ment, in payment of the cost of such improvement. Said warrants shall bear interest at a rate not to exceed eight per cent per annum from the date of issuance, and shall be payable only out of the said local improvement fund when the assessments are paid or the local improve- ment bonds sold. The cost of such improvement shall be paid for in the first instance from such fund as the city council in the ordinance ordering the improvement shall direct, such fund to be reimbursed from the local improvement fund when -che assessments are paid or the local improvement bonds sold.