Title 17D City-wide Standards
Chapter 17D.020 Financial Guarantees
Section 17D.020.120 Use of Nonrefundable Cash Deposit
After the work or improvements covered by a performance guarantee have been completed or at the end of the time covered by a performance/warranty retainer, the City shall determine all of its expenses incurred in administering and, if necessary, using the proceeds of the financial guarantee. If the amount of the non-refundable cash deposit is insufficient to cover the City’s costs in administering and, if necessary, using the proceeds of the performance/warranty retainer, the property owner shall pay this amount to the City prior to release of the performance/warranty retainer.
Date Passed: Monday, February 21, 2005
Effective Date: Wednesday, March 30, 2005
ORD C33582 Section 2
