(a) There is hereby created fund number 894 which shall be entitled the Construction Guarantee Bond Fund.
(b) The Finance Director is authorized to deposit, in behalf of the City of Chardon, all cash, certified checks and other monetary deposits in the fund which are for the purposes of construction guarantees and maintenance guarantees.
(c) The Finance Director shall invest same in short term or long term obligations at his discretion or as the length of the bond may determine, and that any interest accruing upon the deposits shall be deposited according to law in the General Fund as a handling fee.
(d) The Finance Director is also authorized, upon authorization of Council, to return the amount of principle to the depositor upon successful completion of the terms for which the monies or deposits were given.
(Ord. 1535. Passed 6-9-94.)