(a) Council hereby declares that the retainage escrow provisions of Ohio R.C. Chapter 153 shall not be 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 not inconsistent with good business practices concerning retainage on contracts.
(c) Contractors are to be advised that the preparation of proposals previously in compliance with Ohio R.C. Chapter 153 is not a proper cost element to be injected into any contracts with the City.
(Ord. 93-06. Passed 4-19-93.)