Piedmont Municipal Code Art. X Special Bond Deposit Fund

There is created in the City treasury a special fund to be known as the "bond deposit fund" into which shall be placed all security deposits, guarantee deposits, and faithful performance deposits of every kind. All moneys deposited with the City to assure faithful performance may be claimed by the depositor at any time following the performance and acceptance thereof by the City. All other moneys so deposited with the City and placed in such fund may be claimed by the depositor one year after the completion of all work done by such depositor in the City for which such deposit applied. Such deposit must be claimed by the depositor within four years following the completion of all work done by such depositor in the City or such deposit shall be forfeited to the City and the amount thereof will be transferred from the bond deposit fund to the general fund of the City. (Ord. No. 232 N.S., 12/62)

Money deposited in the bond deposit fund shall be held in such fund and shall not be disbursed except (1) upon claim properly made, pursuant to section 2.137 or (2) upon the resolution of the City Council following a showing that such depositor, be expended for the purpose for which they were deposited in which case such resolution shall direct that such funds be paid for such work as may be required to make the necessary corrections, or otherwise reimburse the City for its damage. (Ord. No. 232 N.S., 12/62)

7 For state law as to nuisances in cities, see Gov. C.A., ∋38771.

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