Under any public contract made or awarded by the
Mississippi Transportation Commission, the Contractor may, with the written
consent of his or its surety, from time to time, withdraw the whole or any
portion of the amount retained from payments due the Contractor pursuant to the
terms of the contract by depositing with the State Treasurer of the State of
Mississippi the securities as written in Section
31-5-15Mississippi
Code of 1972 as amended, or any combination thereof in an amount equal
to or in excess of the amount so withdrawn, said securities to be accepted at
the time of deposit at market value but not in excess of par value.
1. The contractor will deposit acceptable
security, as indicated by Section
31-5-15Mississippi
Code of 1972 as amended, supported by a properly executed power of
attorney if required, with the State Treasurer of the State of Mississippi. At
the time of deposit of security, the contractor will have had his surety
furnish the State Treasurer written consent to withdraw the whole or any
portion of the amount(s) retained, not to exceed the specified and acceptable
value of the deposited security, from payments due to the contractor pursuant
to the terms of the contract. The written statement furnished by the surety may
be submitted in such form as to extend the consent for withdrawal of retainage
throughout the life of the contract as limited by the value of current and
subsequent deposit(s) of security. Three copies of this approved surety should
be submitted to the Contract Administration Engineer.
2. The Contractor will make a written request
(letter, telegram, fax, Email) to the Contract Administration Engineer,
indicating the total amount of the security, and will designate the project or
projects to which the security is to be credited, and in case of its
application to two or more contracts, designate the value to be credited to
each project or contract.
3. The
Contractor will furnish the Contract Administration Engineer with a signed
document from the contractor's bank, meeting all requirements as required by
Section
31-5-15Mississippi
Code of 1972 as amended, which indicates at minimum the security's
Cusip number, receipt number, par value, market value, maturity date, effective
date, type of security, pledged member(s), contractor's name and account
number. As applicable, Contract Administration will specify all deadlines for
the retainage withdrawal request to appear on the future monthly
estimate.
4. Contract
Administration will then furnish the Contractor with signed documentation that
all securities have been approved for substitution of retainage. 102 Electronic
links to all materials referenced (manuals, laws, regulations, etc.) relative
to the Administrative Procedures Act Rules for the Contract Administration
Division may be accessed via the department's internet website as follows:
http://www.gomdot.com
