Public Property and Works

CHAPTER 37-12.1
Substitution of Security for Retained Earnings of Architects and Engineers

SECTION 37-12.1-2

§ 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.

History of Section.
(P.L. 1991, ch. 161, § 1.)