(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.

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Terms Used In Rhode Island General Laws 37-12.1-2

  • Contract: A legal written agreement that becomes binding when signed.
  • Retained earnings: means any money or earned estimates withheld from a designer pursuant to the terms of a public works contract. See Rhode Island General Laws 37-12.1-1
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(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.