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.