Section 12 AAC 21.120 - Cash deposits instead of bond(a) A certificate of deposit or other negotiable instrument filed with the commissioner instead of or in addition to a surety bond must(1) show the commissioner as payee and must bear on its face the words "State of Alaska in Trust for" or similar words that allow only the commissioner to negotiate the instrument;(2) be accompanied by an Assignment of Negotiable Instrument signed by the contractor and a bank representative acknowledging transfer to the department;(3) be issued for a period of at least three years before maturity, or if purchased for a shorter period, be automatically renewable; and(4) remain pledged to the state in accordance with 12 AAC 21.090(e).Eff. 5/2/81, Register 78; am 4/3/88, Register 105; am 10/15/2000, Register 156; am 8/8/2021, Register 239, October 2021Authority:AS 08.01.080
AS 08.18.071
AS 44.33.020