At no time while a public improvement or public work of the city is in the process of construction shall payments be made to the contractor in excess of 90% of the amount due on the contract, on the basis of the work completed and materials suitable stored on the site, until 50% of the work is completed and the City Manager or his authorized agent determines that sufficient and satisfactory progress has been and is being made. After 50% of the work has been completed, the City Manager or his authorized agent may authorize payments in excess of 90% of the amount due on the contract; however, at no time prior to final payment shall payments to the contractor exceed 95% of the amount due on the contract. No bond, letter of credit, or other substitute for the cash retainage provided for herein shall be accepted in lieu of the cash retainage provided. The final payment shall not be made until the work has been inspected by an authorized agent of the City Manager designated for that purpose and until the agent has issued a written certificate that the improvement or work has been constructed in accordance with the approved plans and specifications and approved change orders and until the City Manager, acting on these recommendations, has accepted the improvement or work.
('58 Code, § 2.07.1) (Ord. 75-36, passed 3-11-75)