§ 2-14 Advance Payments for Goods and Services.

   (a)   Advance payments for goods or services before the goods are delivered or services are completed are hereby authorized.

   (b)   Advance payments for goods and services may not exceed the lesser of the following:

      (1)   Fifty percent of the entire cost of the contract.

      (2)   Two million dollars.

   (c)   The City’s fiscal officer or the fiscal officer's designee must do all of the following when advance payments are made:

      (1)   Track prepayments by defining the prepayment on a purchase order.

      (2)   Create a prepayment invoice that is associated with the purchase order.

      (3)   Require insurance or a surety bond in the amount of the prepayment if the amount of the prepayment is more than $150,000.

(Ord. D-2670-23, § 2, 6-19-23)