The public entity or any national bank, state bank, trust company, or savings and loan association located in this state and designated by mutual agreement of the public entity and the contractor to serve as custodian for the acceptable securities pursuant to section 24-91-106 shall collect all interest and income when due on the acceptable securities so deposited and shall pay them, when and as collected, to the contractor who deposited the acceptable securities. If the deposit is in the form of coupon bonds, the escrow agent shall deliver each coupon, as it matures, to the contractor. Any expense incurred for this service shall not be charged to the public entity.
Source: L. 79: Entire article added, p. 997, § 1, effective July 1. L. 86: Entire section amended, p. 972, § 5, effective July 1.
Structure Colorado Code
Article 91 - Construction Contracts With Public Entities
§ 24-91-101. Legislative Declaration
§ 24-91-103. Public Entity - Contracts - Partial Payments
§ 24-91-103.5. Public Entity - Contracts - Delay Clauses - Definition
§ 24-91-104. Contract - Completion by Public Entity - Partial Payments
§ 24-91-105. Withdrawal by Contractor of Sums Withheld - Security Deposit Required
§ 24-91-106. Escrow Agreement - Authority to Enter Into - Effect on Acceptable Securities
§ 24-91-108. Retained Payments - Amount Deducted by a Public Entity