2018 Arkansas Code
Title 22 - Public Property
Chapter 9 - Public Works
Subchapter 5 - Deposit of Securities
§ 22-9-501. Substitution of securities for retained payments -- Contracts generally

Universal Citation: AR Code § 22-9-501 (2018)
  • (a) Under any contract made or awarded by the state or by any public department or official thereof, including the construction, improvement, or repair of any and all ways, roads, or bridges with appurtenances which, by law, are under the supervision of the State of Arkansas or any political subdivision, the contractor may withdraw the whole, or any portion thereof, of the amount retained for payments to the contractor pursuant to the terms of the contract upon depositing with the Treasurer of State, except as provided in § 22-9-502, direct obligations of or obligations fully guaranteed by the federal government or any agency or department thereof, obligations of the State of Arkansas, obligations of any public housing authority, or certificates of deposit from federal or state banks or savings and loan associations.

  • (b) No amount shall be withdrawn in excess of the market value of the securities at the time of deposit or at the time of withdrawal.

Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.