§ 22-9-502 - Substitution of securities for retained payments -- Highway contracts.
22-9-502. Substitution of securities for retained payments -- Highway contracts.
(a) With respect to all contracts made or awarded by the State Highway Commission, including the construction, improvement, or repair of any and all roads and bridges with appurtenances which are, by law, under the supervision of the commission, a contractor may withdraw the whole, or any portion thereof, of the amount retained for payments to the contractor pursuant to the terms of the contract, upon making the deposits with the commission which are authorized in 22-9-501 with respect to deposits to be made with the Treasurer of State.
(b) All powers and authorities vested in the Treasurer of State with respect to deposits to be made as authorized in this subchapter, with respect to contracts made or awarded by the commission, shall be equally applicable to the commission with respect to deposits made with the commission.
(c) The commission shall administer all powers vested in the Treasurer of State with respect to all deposits made in regard to contracts made or awarded by the commission.