§ 327.01. Investment by sinking fund trustees.  


Latest version.
  • 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 trustees of the sinking fund of the city to be by them invested.

(Sec. 2.7.)