(Added by Ordinance No. 138072, amended by Ordinance No. 173295, effective April 28, 1999.) The City of Portland shall purchase local improvement warrants issued for progress payments and final payment to a contractor on a local improvement project under the conditions listed below upon written request from the contractor to the City Finance Officer:
A. Either the official estimate of the Responsible Engineer or the bid of the contractor is less than $50,000,
B. Before the plans and specifications for the project were issued it has been determined by the Finance Officer that funds would be available in the Assessment Collection Fund for this purpose,
C. The plans and specifications for the project will include a provision that such warrants will be purchased by the City from the contractor at the contractor's request,
D. The purchase will be made by the City no earlier than 10 days and no later than 30 days after the issue date,
E. The purchase of final warrants will be at face value without accrued interest. The purchase of progress payment warrants will be at face value discounted by an amount equal to 10 days of interest and without accrued interest.