Statutes > Rhode Island Statutes > Title 37 - Public Property and Works > CHAPTER 37-12.1 - Substitution of Security for Retained Earnings of Architects and Engineers > § 37-12.1-2 - Substitution of security for retained earnings by designers.

§ 37-12.1-2 - Substitution of security for retained earnings by designers.

SECTION 37-12.1-2

   § 37-12.1-2  Substitution of security forretained earnings by designers. – (a) Where any public works contract provides for the holding of retainedearnings from a designer, the designer may from time to time withdraw the wholeor any portion of the amount retained upon either depositing with the generaltreasurer:

   (1) United States treasury bonds, United States treasurynotes, United States treasury certificates of indebtedness, or United Statestreasury bills;

   (2) Bonds or notes of the state of Rhode Island; or

   (3) Bonds of any political subdivision of the state of RhodeIsland.

   (b) With respect to the deposit of securities, the generaltreasurer shall, on a regular basis, collect all interest or income on thesecurities so deposited and shall pay the interest or income when and ascollected to the designer depositing the securities. If the security is in theform of coupon bonds, the general treasurer shall deliver each coupon as itmatures to the designer.