{"data":{"id":"us-ky/krs-176.095","jurisdiction":"us-ky","citation":"KRS 176.095","heading":"Contractor's deposit of securities with department.","body":"(1) Where any percent of a contract price or a certain fixed sum shall have been\nretained pursuant to the provisions of subsection (1) of KRS 176.090, the contractor\nmay from time to time withdraw the whole or any portion of the amount retained for\npayments to  the contractor pursuant to the terms of the contract and substitute\ntherefor securities of the following classes which are upon deposit with a custodian\ndesignated by the commissioner of the department and approved by the secretary of\nthe Finance and Administration Cabinet:\n(a) United States treasury bonds, United States treasury notes, United States\ncertificates of indebtedness, United States treasury bills,\n(b) Bonds of the Commonwealth of Kentucky, or\n(c) Bonds of any political subdivision, including sc hool districts, of the\nCommonwealth of Kentucky.\nNo amount shall be withdrawn in excess of the market value of the securities at the\ntime of deposit or the par value of such securities, whichever is lower.\n(2) The custodian shall on a regular basis collec t all the interest or income on the\nobligations so deposited and shall pay the same when and as collected to the\ncontractor who deposited the obligations. If the deposit is in the form of coupon\nbonds, the custodian shall deliver each coupon as it matures to the contractor.\n(3) Any amount deducted by the department, pursuant to the terms of the contract, from\nthe retained payments otherwise due the contract, shall be deducted first from that\nportion of such retained payments for which no security has been s ubstituted, then\nfrom the proceeds of any deposited security. In the latter case, the contractor shall\nbe entitled to receive interest, coupons or income only from those securities which\nremain after such amount has been deducted.\n(4) The securities so dep osited shall be properly endorsed by the contractor in such\nmanner so as to enable the custodian to carry out the provisions of this section.","path":["KRS Chapter 176"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5174","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:27Z","sha256":"78562ec1b440e53a8986030df64aa55657cc3b293378f6317d7d2a4819ad6bb8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-176.090","next":"us-ky/krs-176.100"},"notice":"GroundRules: Original legal text. Not legal advice."}