Title 07 Finance
Chapter 07.05 Local Improvements
Article II. Improvements at Substantial Risk
Section 07.05.027 Form of Security
Both the security guaranteeing administrative and engineering costs and the security guaranteeing assessments may be in the form of cash, or an irrevocable letter of credit from a local commercial bank, or the deposit of cash equivalents in an escrow account of a local commercial bank. The form of the required deposit shall be subject to the review and approval of the chief financial officer. The interest earnings on the security shall be remitted to the principal proponent(s) during the life of the account.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1
