Mississippi Administrative Code › Title 37 - Transportation and Highways › Part 1 - Mississippi Department of Transportation › Subpart 7401 - Contract Administration › Chapter 07000 - Substitution with Securities › Purpose › Section 37-1-7401-07000-101

Current through June 25, 2024
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
						31-5-15
Mississippi
						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						to or in excess of the amount so withdrawn, said securities to be accepted at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
					 31-5-15
Mississippi
					 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
					 31-5-15
Mississippi
					 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