§ 250.348.

IMPROVEMENT BONDS

If said proceedings are had pursuant to Subdivision 2 of Subarticle V hereof, then upon completion of the work, the person appointed by the Board to be in charge of the work shall prepare and file with the Board a declaration that the work has been completed according to the contract therefor, and shall further file an itemized statement of the cost of such work and of the expenses incidental to said proceedings, estimated to the conclusion of said proceedings. The amount of any contribution shall be stated therein as well as the balance for which bonds are to be issued. When the bonds have been issued they shall be delivered to the contractor upon his paying to the City any monies due it for incidental expenses as stated in the declaration. The Board may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to said project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds.

History

(Added by Ord. 225-81, App. 5/5/81)

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