(a) There is hereby established a fund to be titled Guarantee Performance Fund for the purpose of accepting deposits from individuals, partnerships, firms and corporations to guarantee performance of contracts and agreements executed by and between depositors and the City.
(b) All amounts received by the City for guaranteeing satisfactory performance of special agreements executed by and between the City and other parties, exclusive of cash deposits furnished as a requirement of certain construction to contracts, shall be deposited to the credit of this fund.
(c) Any and all income derived from the investment of these deposits, while in the custody of the City, shall accrue to the benefit of and belong to the City, and the principal or basic amounts deposited as a guarantee of satisfactory performance of the provisions contained in special agreement shall be withdrawn, in whole or in part, and refunded to the depositor in accordance with the terms and provisions as set forth in such agreements.
(Ord. 843. Passed 10-9-72.)