(a) The Council hereby declares that the provisions of Ohio R.C. Chapter 153 pertaining to retainage requirements and construction escrow accounts are deemed not applicable to the City.
(b) The Finance Director shall establish retainage regulations and percentages for public improvement contracts which are in the best interest of the City of Englewood and he or she is so empowered to prepare said regulations and set said retainage percentages consistent with good business practices.
(c) Retained funds pursuant to any contract with the City shall be maintained in accordance with regulations to be established by the Finance Director, and he or she is so empowered to prepare said regulations consistent with good business practices.
(d) Contractors are to be advised that preparation of proposals pursuant to previous compliance with Ohio R.C. Chapter 153 are not a proper cost element to be injected into any contracts with the City.
(Ord. 93-10. Passed 5-25-93.)