§ 37-12.1-2 Substitution of security for retained earnings by designers. (a) Where any public works contract provides for the holding of retained earnings from a designer, the designer may from time to time withdraw the whole or any portion of the amount retained upon either depositing with the general treasurer:
(1) United States treasury bonds, United States treasury notes, United States treasury certificates of indebtedness, or United States treasury bills;
(2) Bonds or notes of the state of Rhode Island; or
(3) Bonds of any political subdivision of the state of Rhode Island.
(b) With respect to the deposit of securities, the general
treasurer shall, on a regular basis, collect all interest or income on the
securities so deposited and shall pay the interest or income when and as
collected to the designer depositing the securities. If the security is in the
form of coupon bonds, the general treasurer shall deliver each coupon as it
matures to the designer.
(P.L. 1991, ch. 161, § 1.)