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267.250 Payment for work in installments -- Warrants.
The chief engineer in charge of construction shall make monthly estimates of the amount
of work done, and furnish one (1) copy to the contractor and file the other with the
secretary of the board. The board shall meet within five (5) days after the filing of such
estimate, and if it approves the estimate it shall direct the secretary to draw a warrant in
favor of the contractor for eighty percent (80%) of the work done, according to the
specifications and contract. When the warrant, properly signed by the president and
secretary, is presented to the treasurer of the drainage fund, he shall pay the amount due
thereon out of any funds in his hands to the credit of that district. When the work is fully
completed and accepted by the chief engineer, he shall make an estimate for the whole
amount due, which shall then be paid from the drainage fund on warrants as above
provided. If there are insufficient funds in the treasury to pay any warrant presented for
payment, that fact shall be endorsed on the back of the warrant and the warrant shall
thereafter draw interest at the rate of six percent (6%) per annum until there is money on
hand sufficient to pay the warrant and accumulated interest.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 2380-27, 2380-47.
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