(a) The Auditor of the City is authorized to keep an accounting of retainage payable to contractors having construction contracts with the City pursuant to Ohio R.C. Chapter 153.
(b) Such interest shall be accrued and paid to said contractors when the retainage is paid in full.
(c) The interest rate to be paid on retainage accounts shall be that interest rate that Star Ohio pays on a monthly basis on accounts that Star Ohio holds for the City.
(Ord. 94-42. Passed 7-11-94.)