1329.09 REFUND OF DEPOSITS.

   When the estimated cost of construction is over one million dollars ($1,000,000) and funds are deposited with the Municipality as required by this Building Code to guarantee the performance of the provisions thereof or as a guarantee to protect the property of the Municipality during building operations, any balance remaining and due the depositor after compliance with the conditions of such guarantee shall be paid to the depositor upon demand. If, however, such remainder is not called for by the depositor, such balance shall be placed in a trust fund to be held for the depositor for a period of five years and, if not called for within such period, such balance shall be paid into the General Fund. (Ord. 2019-123.  Passed 11-4-19.)