Whenever any portion of the cost of any improvement has been reserved or retained by the City for a given time to indemnify and protect the City against any loss due to the lack of fulfillment of a contract or negligence on the part of the contractor, or to secure the keeping of such improvement in repair for a stated time, the sum so retained shall, upon the payment of the final estimate, be transferred to the Auditor to be held in the depository of such Auditor or invested by such Auditor in interest bearing bonds of the kind or kinds enumerated in Ohio R.C. 739.07 until such sum is disposed of as provided by the contract under which the same is so retained or reserved.
(Ord. 127. Passed 9-12-16.)