INVESTMENT OF INDEMNITY FUNDS FOR IMPROVEMENTS

Columbus City Codes tit. 3, ch. 327

in effect

Columbus City Codes § 327.01 Investment.

327.01 - Investment. Whenever any portion of the cost of any improvement shall have been reserved or retained by the city, for a given time to indemnify and protect the city against any loss due to lack of fulfillment of contract or negligence on the part of the contractor, or to secure the keeping of such improvement in repair for a stated time, such sum retained shall, upon the payment of the final estimate, be transferred to the depository commission and treasury investment board of the city to be invested. (Sec. 2.7; Ord. No. 2044-2019, § 7, 7-29-2019)

Columbus City Codes § 327.02 Payment to contractors with interest.

327.02 - Payment to contractors with interest. Interest at the rate of one and one-quarter percent (1¼%) per annum upon the sum so retained, as set out in C.C. 327.01, shall be paid to the contractor semi-annually, and upon the receipt of a compliance certificate, as hereinafter provided, after expiration of the term of guaranty, the investment shall be converted into money, and the sum so retained, together with any such interest thereon then accrued but unpaid, shall be paid over to the contractor. Provided, however, that no payment of principal or interest shall be made to the contractor except upon a certificate which shall state that the contractor has complied with the terms and conditions of their guaranty. This certificate shall be signed by the administrative head of the department having the work in charge. (Sec. 2.8; Ord. 1909-01 § 1 (part); Ord. No. 0128-2009, § 1, 2-9-2009; Ord. No. 2044-2019, § 8, 7-29-2019)

Source: City of Columbus, City Codes and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/oh/columbus/codes/code_of_ordinances?nodeId=TIT3FITACO_CH327ININFUIMFetched: 10/27/2026