Chapter 1.260
CHELAN COUNTY ROAD RETAINAGE FUND
Sections:
1.260.010 Established.
The public agency shall retain an amount not to exceed five percent of moneys earned by the contractor and a separate public works retainage fund identified as fund number 632, and budget code number 28050, is hereby created for the deposit and accounting of the five percent retainage on contractor’s invoice payments. In lieu of the public agency withholding a retainage amount not to exceed five percent of moneys earned by the contractor, the contractor can submit a retainage bond which the public agency will accept if the bond is proper and guaranteed by the surety insurer and the retainage bond has an A- minus rating. (Res. 2018-97, 12/4/18: Res. 94-19, 2/14/94).