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(Added by Ordinance No. 138072, amended by Ordinance No. 173295, effective
April 28, 1999.) The City of Portland shall purchase local improvement warrants
issued for progress payments and final payment to a contractor on a local
improvement project under the conditions listed below upon written request from
the contractor to the City Finance Officer: A. Either the official estimate of the Responsible Engineer or the bid
of the contractor is less than $50,000,
B. Before the plans and specifications for the project were issued it
has been determined by the Finance Officer that funds would be available in the
Assessment Collection Fund for this purpose,
C. The plans and specifications for the project will include a
provision that such warrants will be purchased by the City from the contractor
at the contractor's request,
D. The purchase will be made by the City no earlier than 10 days and
no later than 30 days after the issue date,
E. The purchase of final warrants will be at face value without
accrued interest. The purchase of progress payment warrants will be at face
value discounted by an amount equal to 10 days of interest and without accrued
interest.
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