(a) Under any contract made or awarded by the state, or by any public department or official thereof, or under any subcontract made directly thereunder with the contractor, the contractor and any subcontractor may, from time to time, withdraw the whole or any portion of the amount retained for payments to the contractor or subcontractors, as the case may be, pursuant to the terms of the contract or subcontracts, upon depositing with the Comptroller (1) United States Treasury bonds, United States Treasury notes, United States Treasury certificates of indebtedness or United States Treasury bills, or (2) bonds or notes of the state of Connecticut or (3) bonds of any political subdivision in the state of Connecticut. No amount shall be withdrawn in excess of the market value of the securities at the time of deposit or of the par value of such securities, whichever is lower.
(b) The Comptroller shall, on a regular basis, collect all interest or income on the obligations so deposited and shall pay the same, when and as collected, to the contractor and the subcontractors who deposited the obligations. If the deposit is in the form of coupon bonds, the Comptroller shall deliver each coupon as it matures to the contractor and the subcontractors.
(c) Any amount deducted by the state, or by any public department or official thereof, pursuant to the terms of the contract, and subcontracts made directly thereunder with the contractor, from the retainages due the contractor and said subcontractors, shall be deducted, first from that portion of the retainages for which no security has been substituted, then from the proceeds of any deposited security. In the latter case, the contractor and the subcontractors shall be entitled to receive interest, coupons or income only from those securities which remain after such amount has been deducted.
(February, 1965, P.A. 437; 1971, P.A. 824.)
History: 1971 act included subcontracts and subcontractors under provisions of section.
Cited. 29 CS 418.
Structure Connecticut General Statutes
Title 3 - State Elective Officers
Section 3-111. - Salary and bond. Office of Comptroller full time.
Section 3-112. - Powers and duties.
Section 3-112a. - Substitution of securities for retainages on state contracts and subcontracts.
Section 3-113. - Deputy Comptroller.
Section 3-113a. - Assistant comptrollers.
Section 3-114. - Accounting for receipts.
Section 3-114a. - Recording of revenue received after end of fiscal year.
Section 3-114c. - Recording of cigarette tax revenue received at end of fiscal year.
Section 3-114d. - Recording of alcoholic beverage tax revenue received at end of fiscal year.
Section 3-114h. - Recording of income tax revenue received at end of fiscal year.
Section 3-114i. - Recording of hospital taxes received each year by letter postmarked in July.
Section 3-114j. - Recording of payments from Indian tribes received each year in July.
Section 3-114k. - Recording of revenue for the fiscal year ending June 30, 1995.
Section 3-114l. - Recording of payments from the Energy Conservation and Load Management Funds.
Section 3-114m. - Recording of real estate conveyance tax revenue received at end of fiscal year.
Section 3-114p. - Recording of hospitals tax revenue received at end of fiscal year.
Section 3-114r. - Recording of revenue from resident day user fee in intermediate care facility.
Section 3-115a. - Providing for budgetary and financial reporting needs of the executive branch.
Section 3-115b. - Generally accepted accounting principles.
Section 3-115c. - Report to the Governor for the fiscal year ending June 30, 1995.
Section 3-115d. - CORE-CT policy board.
Section 3-115e. - CORE-CT biennial reports.
Section 3-117a. - Management of state employee unemployment compensation claims.
Section 3-119a. - Retirement data base system; time and attendance system.
Section 3-119b. - Election to decline compensation or benefit by state official.
Section 3-120. - Wages of persons employed about State Capitol and grounds.
Section 3-121. - Comptroller's Service Fund.
Section 3-121a. - GAAP salary reserve account.
Section 3-122. - Relief payments under bylaws of Police Association of Connecticut.
Section 3-123a. - Preretirement counseling of state and municipal employees.
Section 3-123b. - Payroll deductions for retired and pensioned employees.
Section 3-123c. - Annual appropriation for Loyalty Day parades.
Section 3-123d. - Unrestricted use grants-in-aid to towns.
Section 3-123j. - Plan re participation of nonstate public employees in Health Enhancement program.
Section 3-123k. - Funding for fringe benefit cost re community college employees.
Section 3-123bb. - Powers of Comptroller re Connecticut Home Care Trust Fund.
Section 3-123cc. - Investment of amounts on deposit in Connecticut Home Care Trust Fund.
Section 3-123dd. - Additional powers of Comptroller re Connecticut Home Care Trust Fund.
Section 3-123ff. - Pledge of state re Connecticut Home Care Trust Fund rights and obligations.
Section 3-123aaa. - Definitions.
Section 3-123bbb. - Enrollment procedures and requirements. Comptroller duties.
Section 3-123ccc. - Applications. Regulations.
Section 3-123ddd. - Coverage for retirees.
Section 3-123eee. - Partnership plan premium account. Nonpayment of premium or premium equivalent.
Section 3-123ggg. - Regulations.
Section 3-123rrr. - Definitions.
Section 3-123sss. - Enrollment procedures and requirements.
Section 3-123ttt. - Coverage for retirees.
Section 3-123uuu. - State employee plan premium payment. Nonpayment of premium.
Section 3-123vvv. - State Employees' Bargaining Agent Coalition consent.
Section 3-123www. - Enrollment in partnership plan prohibited.
Section 3-123xxx. - Annual report by nonstate public employers.
Section 3-123yyy. - Annual report re plans developed by Comptroller.