(a) Council hereby declares that the provisions of Ohio R.C. Chapter 153 pertaining to retainage escrow provisions are deemed not applicable to the City.
(b) 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 hereby authorized to prepare said regulations, which regulations shall not be inconsistent with good business practices concerning retainage on contracts.
(c) 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 in any contract with the City.
(Ord. 4403. Passed 2-5-91.)