66.0711

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66.0711 Discount on cash payments for public improvements.

66.0711(1)

(1) In this section:

66.0711(1)(a)

(a) “Local governmental unit” has the meaning given in § 66.0713 (1)(c).

66.0711(1)(b)

(b) “Public improvement” has the meaning given in § 66.0713 (1)(d).

66.0711(2)

(2) Every bid received for any public improvement which is not to be paid wholly in cash shall contain a provision that all payments made in cash by the local governmental unit as provided by contract or made on special assessments are subject to a specified rate of discount. The treasurer of the local governmental unit shall issue a receipt for every payment made on any special assessment, stating the date and amount of the cash payment, the discount and the total credit including the discount on a specified special assessment. The treasurer shall on the same day deliver a duplicate of the receipt to the clerk, who shall credit the specified assessments accordingly. All moneys so received shall be paid to the contractor as provided by the contract.