Statutes, codes, and regulations
Arizona Administrative Code
Title 2 - ADMINISTRATIONChapter 7 - Department of Administration State Procurement Office
Article 5 - PROCUREMENT OF CONSTRUCTION AND SPECIFIC PROFESSIONAL SERVICES
Section R2-7-510 - The Form of Substitute Security in Lieu of Retention

Ariz. Admin. Code § 2-7-510

Download
PDF
Current through Register Vol. 30, No. 45, November 8, 2024
Section R2-7-510 - The Form of Substitute Security in Lieu of Retention

If the conditions identified under R2-7-506 are met, the agency chief procurement officer shall accept a substitute security from a contractor in the form of one of the following:

1. An assignment of a time certificate of deposit by a financial institution licensed by this state;
2. Share certificates of a financial institution or credit union authorized to transact business in this state; or
3. Security issued or guaranteed as to principal and interest by:
a. The United States;
b. The state; or
c. Counties, municipalities, and school districts within this state.

Ariz. Admin. Code § R2-7-510

Adopted as an emergency effective January 1, 1985, pursuant to A.R.S. § 41-1003, valid for only 90 days (Supp. 84-6). Emergency expired. Permanent rule adopted effective April 3, 1985 (Supp. 85-2). Section repealed; new Section made by final rulemaking at 12 A.A.R. 508, effective April 8, 2006 (Supp. 06-1).