12 Miss. Code. R. 3-2.1-700.29
Mississippi Code 1972, Annotated, Section 31-5-15, provides that in all public contracts the Contractor may withdraw the whole or any portion of the amount retained from payments due the Contractor by depositing an acceptable security with the State Treasurer in an amount equal to the amount of retainage to be withdrawn. Securities may be in the form of:
The State Treasurer can advise Contractors of procedures for depositing securities. A letter of release from the Contractor's surety and a copy or copies of the State Treasurer's securities receipt covering the deposit of securities must be on file with the Bureau before retainage will be released. Substitution of securities may be necessary from time to time because of maturities and increased withdrawal of retainage. Evidence of these transactions must be on file with the Bureau. The Bureau will notify the State Treasurer of the amount of securities required. The Treasurer will accept additional securities for a Project and accept the substitution for securities already on deposit, but will not release securities without written notification to do so by the Bureau's Director.
Professionals approving applications for payment should be advised by the Contractor of these deposits of securities and a copy of the Treasurer's receipt should be provided for his files.
12 Miss. Code. R. 3-2.1-700.29