(1) Under any contract made or awarded by the state or any county, city, or political subdivision thereof, or other public authority, the contractor may, from time to time, withdraw the whole or any portion of the amount retained for payments to the contractor pursuant to the terms of the contract, upon depositing with the Chief Financial Officer:
(a) United States Treasury bonds, United States Treasury notes, United States Treasury certificates of indebtedness, or United States Treasury bills;
(b) Bonds or notes of the State of Florida; or
(c) Bonds of any political subdivision in the state; or
(d) Cash delivered to the State Treasury for the Treasury Cash Deposit Trust Fund; or
(e) Certificates of deposit from state or national banks or state or federal savings and loan associations in the state. Certificates of deposit shall possess the eligibility characteristics defined in s. 625.52.
No amount shall be withdrawn in excess of the market value of the securities listed in paragraphs (a), (b), and (c) at the time of withdrawal or of the par value of such securities, whichever is lower.
(2) The Chief Financial Officer shall regularly collect all interest or income on the obligations so deposited, and shall pay the same, when and as collected, to the contractor who deposited the obligations. If the deposit is in the form of coupon bonds, the Chief Financial Officer shall deliver each coupon as it matures to the contractor.
(3) Any amount deducted by the state or by any county, city, or political subdivision thereof, or by other public authority, pursuant to the terms of the contract, from the amounts retained for payments due the contractor shall be deducted, first from that portion of the amounts retained for which no security has been substituted, then from the proceeds of any deposited security. In the latter case, the contractor shall be entitled to receive interest, coupons, or income only from those securities which remain after such amount has been deducted.
Nothing in this section shall be construed to require the state or any county, city, or political subdivision thereof, or other public authority, to allow the contractor to withdraw the whole or any portion of the amount retained for payments to the contractor except pursuant to the terms of the contract.
History.—s. 1, ch. 70-70; s. 1, ch. 74-253; s. 5, ch. 92-87; s. 274, ch. 2003-261.
Structure Florida Statutes
Title XVIII - Public Lands and Property
Chapter 255 - Public Property and Publicly Owned Buildings
255.01 - Proceeds of Insurance May Be Used to Replace Property Destroyed.
255.02 - Boards Authorized to Replace Buildings Destroyed by Fire.
255.03 - Proceeds of Insurance to Be Paid Into State Treasury; Disbursement of Funds.
255.04 - Preference to Home Industries in Building Public Buildings.
255.041 - Separate Specifications for Building Contracts.
255.042 - Shelter in Public Buildings.
255.043 - Art in State Buildings.
255.045 - Cleanup After Events Held on Public Property.
255.05 - Bond of Contractor Constructing Public Buildings; Form; Action by Claimants.
255.051 - Public Bids; Check or Draft as Good Faith Deposit.
255.0515 - Bids for State Contracts; Substitution of Subcontractors.
255.0516 - Bid Protests by Educational Boards.
255.0517 - Owner-Controlled Insurance Programs for Public Construction Projects.
255.0518 - Public Bids; Bid Opening.
255.052 - Substitution of Securities for Amounts Retained on Public Contracts.
255.0525 - Advertising for Competitive Bids or Proposals.
255.065 - Public-Private Partnerships.
255.073 - Timely Payment for Purchases of Construction Services.
255.074 - Procedures for Calculation of Payment Due Dates.
255.076 - Award of Court Costs and Attorney’s Fees.
255.077 - Project Closeout and Payment of Retainage.
255.078 - Public Construction Retainage.
255.099 - Preference to State Residents.
255.0991 - Contracts for Construction Services; Prohibited Local Government Preferences.
255.0992 - Public Works Projects; Prohibited Governmental Actions.
255.101 - Contracts for Public Construction Works; Utilization of Minority Business Enterprises.
255.102 - Contractor Utilization of Minority Business Enterprises.
255.103 - Construction Management or Program Management Entities.
255.21 - Special Facilities for Physically Disabled.
255.211 - Special Symbol May Be Displayed.
255.22 - Reconveyance of Lands Not Used for Purpose Specified.
255.249 - Department of Management Services; Responsibility; Department Rules.
255.25 - Approval Required Before Construction or Lease of Buildings.
255.2501 - Lease of Space Financed With Local Government Obligations.
255.2502 - Contracts Which Require Annual Appropriation; Contingency Statement.
255.2503 - Contracts for Lease of Buildings; Prohibited Provisions.
255.251 - Energy Conservation and Sustainable Buildings Act; Short Title.
255.252 - Findings and Intent.
255.253 - Definitions; Ss. 255.251-255.2575.
255.254 - No Facility Constructed or Leased Without Life-Cycle Costs.
255.256 - Energy Performance Index.
255.257 - Energy Management; Buildings Occupied by State Agencies.
255.2575 - Energy-Efficient and Sustainable Buildings.
255.259 - Florida-Friendly Landscaping on Public Property.
255.28 - Department Authority to Acquire Land With or for Facility Thereon.
255.29 - Construction Contracts; Department Rules.
255.32 - State Construction Management Contracting.
255.45 - Correction of Firesafety Violations in Certain State-Owned Property.
255.451 - Electronic Firesafety and Security System.
255.501 - Building and Facilities Act; Short Title.
255.502 - Definitions; Ss. 255.501-255.525.
255.503 - Powers of the Department of Management Services.
255.505 - Creation of the Pool.
255.507 - Determination of Qualified Facilities.
255.508 - Participation in Pool.
255.509 - Request for Advisory Statement.
255.51 - Determination of Rental Rates.
255.511 - Factors to Be Considered in Establishing Rental Rates.
255.513 - Powers of the Division of Bond Finance and the Department of Management Services.
255.514 - Division of Bond Finance; Revenue Bonds.
255.515 - Issuance of Obligations by the Division.
255.516 - Security for Payment of Obligations.
255.517 - Anticipation Obligations.
255.518 - Obligations; Purpose, Terms, Approval, Limitations.
255.519 - Variable Rate Obligations.
255.52 - Approval by State Board of Administration.
255.522 - State and Political Subdivisions Not Liable on Obligations.
255.523 - Exemption From Taxes.
255.524 - Obligations Issued Constitute Legal Investments.
255.525 - Inconsistent Provisions of Other Laws Superseded.
255.5576 - Consideration of Energy-Efficient Materials; High-Energy Lighting.
255.60 - Special Contracts With Charitable or Not-for-Profit Organizations.