§ 12-2. Imposition of service fee.

A. 

Whenever coupon bonds have been substituted by contractors performing construction contracts for the Village of Chittenango for cash retainage and such coupon bonds require administrative processing by an employee of the Village of Chittenango, including presenting such coupons for collection and transmittal of payment therefor to the contractor, such village employee shall secure from the proceeds thereof an administrative fee equal to the sum of $10, representing the time and labors of such village employee for such service. The balance of funds collected from the processing of interest coupons shall be remitted immediately thereafter to the contractor.

B. 

The administrative charge levied to process coupon collection and payment shall be deposited with the Village Clerk and credited to the general fund of the Village of Chittenango. No part thereof shall be retained by any village employee responsible for the processing and payment of such coupons.

C. 

The village employee processing such coupons shall provide a receipt for the administrative charge levied herein to the contractor at the time that the balance of such funds representing the interest on the coupon processed is transmitted to the contractor.