3745-92-03 Amount of deposit.

The amount deposited in escrow shall be fifty thousand dollars unless the cost of the completed community water system as estimated by the engineer responsible for the design of the project is less than three hundred thirty-three thousand three hundred thirty-three dollars, in which case the amount deposited shall be fifteen per cent of the estimated cost. If the project is for the construction of less than an entire system, the amount to be used for this purpose is the aggregate amount of contracts for construction, installation, or modification of that part of the system that will be affected in the project. Whenever the executed contracts for construction, installation, or modification of the system or part thereof, including increases due to change orders, show a cost different from that of the above estimate, the total amount deposited in escrow shall be increased or decreased so that it is not less than fifteen per cent of the contract amount including increases due to change orders, or fifty thousand dollars if such contract amount is three hundred thirty-three thousand three hundred thirty-three dollars or more. No work shall be performed under such contract when the amount in escrow is less than the amount required to be deposited by this rule, without prior written consent of the director.

R.C. 119.032 review dates: 03/17/2011 and 03/17/2016
Promulgated Under: 119.03
Statutory Authority: 6109.04
Rule Amplifies: 6109.03 , 6109.04 , 6109.08
Prior Effective Dates: none