§ 2-919. Periodic payments to contractors.

(a)

Periodic payments for work approved and materials stored at the site shall be made by the city to each contractor who is performing a construction contract on behalf of the city in the following manner:

(1)

If the work performed during the previous month on a construction contract on behalf of the city is approved by the project architect and the claim for materials stored on the site or at an approved off-site location is approved by the project architect, the chief financial officer shall pay 90 percent of the amount due for work performed in accordance with the plans and specifications or approved change orders and 90 percent of the value of acceptable materials suitably stored at the end of the preceding month until such time as the balance due the contractor, including approved change orders, is reduced to 50 percent of the contract price, including approved change orders, at which time the chief financial officer shall pay 95 percent of all sums due as set forth in this subsection.

(2)

The chief financial officer is authorized to promulgate, adopt and from time to time revise such reporting forms and statements to accomplish the objectives of subsection (a)(1) of this section.

(3)

All contractors under contract with the city for all construction contracts entered into shall submit all necessary progress payment billing information and requests to the appropriate city department for its review and approval not later than the third business day of each month for work performed during the previous month. The appropriate city department shall review the payment request, make its recommendation concerning the payment request and forward to the department of finance all information and supporting documents necessary for the department of finance payment approval not later than the tenth day of each month. The department of finance shall receive the payment requests, review for approval and make the appropriate payment to the contractor not later than the 15th day of each month for the previous month's billing.

(b)

Final payment shall be made by the city to each contractor who is performing a construction contract on behalf of the city within 30 days of acceptance and approval by the project architect for payment for completed work, including receipt of all specified documents, such as but not limited to affidavits, bonds and warranties, by the chief financial officer, such payment to be made on such date subsequent to the expiration of the 30 days.

(c)

This section shall not apply to any construction contracts involving the construction of water lines, sewer lines, airport facilities or any construction or maintenance where any of such contracts are funded in whole or in part from the proceeds of airport bonds, water and sewer bonds or from any bonds containing a contract providing for a larger retainage than that set forth in this section.

(Code 1977, § 7-3023)