Iowa Admin. Code r. 875-150.16 - Bond release
(1)
Notifications. Prior to releasing a bond, the commissioner
will notify the department of revenue, the unemployment insurance services
division of the workforce development department, and applicable state
subdivisions of the intent to release the bond. The commissioner shall provide
ten days for the filing of objections to the release of the bond. The
commissioner may deem any failure to respond to the notice within the time
provided as an approval of the release.
(2)
Conditions for release.
A bond shall not be released until the contractor has made payment of
all taxes, including contributions due under the unemployment compensation
insurance system, penalties, interest, and fees, which may accrue to the state
of Iowa or its subdivisions on account of the execution and performance of the
contract or approval for the release is obtained from the appropriate
agencies.
Notes
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