§ 36-9-25-35 — Payment of contracts, condemnation awards, etc.; retention of portion of contract payments

(a) From the sanitary district bond fund and
not from any other source, the board shall pay to the appropriate parties
the amounts respectively due them for land, rights-of-way, or other
property taken or purchased or for work done by contract or otherwise.
If all or part of the land, rights-of-way, or other property is secured by
purchase or contract, payment shall be made according to the terms of
the contract. If property is taken by condemnation under this chapter,
the amount of damages assessed shall be paid within ninety (90) days
after the final determination of the condemnation proceedings or as
soon after that as the fund from the bonds is available. The title to the
land, rights-of-way, or other property or that part paid for or otherwise
acquired for that purpose then vests in the municipality in the manner,
to the extent, for the purpose, and subject to the limitations of this
chapter.
(b) The board shall order that payments from the funds be made to
contractors in the amounts and at the times they determine. The board
may retain a part of the amount otherwise due the contractor. The
amount that may be retained by the board is as follows:
(1) Until work is fifty percent (50%) complete, not more than ten
percent (10%) of the payment claimed.
(2) When work is fifty percent (50%) complete, five percent (5%)
of the value of all work satisfactorily completed to date, as long
as the contractor is making satisfactory progress and there is no
specific cause for greater withholding.
(3) When the work is substantially complete (operational or
beneficially occupied), an amount below five percent (5%) that is
necessary to assure completion.
[Pre-Local Government Recodification Citation:
19-2-14-26.]
As added by Acts 1981, P.L.309, SEC.98.