(65 ILCS 5/9-2-136) (from Ch. 24, par. 9-2-136)
Sec. 9-2-136.
From time to time, as the work under any contract for such an
improvement progresses, upon certificates by the board of local
improvements, or by some officer designated by the board for that purpose,
payments may be made either in money, vouchers, or bonds, as provided in
this Division 2, to apply upon the contract price, reserving, however, a
sufficient amount upon each of the payments to properly secure, in the
judgment of the board, the faithful performance of the contract. This
reserve shall be paid over at such time and on such conditions as the board
shall fix, after the specified work has been completed or accepted.
(Source: Laws 1961, p. 576.)
|