payment and shall require written approval from any surety furnishing bonds for the contract work. (b) Alternate design and construction delivery methods may be used by a public entity to design, construct, renovate or perform major maintenance of a public works projects. 166703. Contract; completion by public entity; partial payments. If it becomes necessary for a public entity to take over the completion of any contract, all of the amounts the contractor, including the withheld percentage, shall first be applied toward the cost of completion of the contract. Any balance remaining in the retained percentage after completion by the public entity shall be payable to the contractor or the contractor's creditors. The retained percentage which may be due any contractor shall be due and payable as prescribed by W.S. 166116. 166704. Interest bearing deposit agreement; requirement to enter into. A public entity shall enter into an interest bearing deposit agreement with any depository designated by the contractor, after notice to the surety, to provide an agent for the custodial care and servicing of any deposits placed with him pursuant to this act on any contract of more than twentyfive thousand dollars ($25,000.00). The services shall include the safekeeping of the obligations and the rendering of all services required to effectuate the purposes of this act. 166705. Custodian for obligations; collection of interest incomepayable to contractor. The public entity or any depository designated by the contractor to serve as custodian for the obligations pursuant to W.S. 166704 shall collect all interest and income when due on obligations so deposited and shall pay them, when and as collected, to the contractor or as otherwise instructed by the contractor. Any expense incurred for this service shall not be charged to the public entity. 166706. Applicability of provisions. This act does not apply in the case of a contract made or awarded by any public entity if a part of the contract price is to be
payment and shall require written approval from any surety furnishing bonds for the contract work. (b) Alternate design and construction delivery methods may be used by a public entity to design, construct, renovate or perform major maintenance of a public works projects. 166703. Contract; completion by public entity; partial payments. If it becomes necessary for a public entity to take over the completion of any contract, all of the amounts the contractor, including the withheld percentage, shall first be applied toward the cost of completion of the contract. Any balance remaining in the retained percentage after completion by the public entity shall be payable to the contractor or the contractor's creditors. The retained percentage which may be due any contractor shall be due and payable as prescribed by W.S. 166116. 166704. Interest bearing deposit agreement; requirement to enter into. A public entity shall enter into an interest bearing deposit agreement with any depository designated by the contractor, after notice to the surety, to provide an agent for the custodial care and servicing of any deposits placed with him pursuant to this act on any contract of more than twentyfive thousand dollars ($25,000.00). The services shall include the safekeeping of the obligations and the rendering of all services required to effectuate the purposes of this act. 166705. Custodian for obligations; collection of interest incomepayable to contractor. The public entity or any depository designated by the contractor to serve as custodian for the obligations pursuant to W.S. 166704 shall collect all interest and income when due on obligations so deposited and shall pay them, when and as collected, to the contractor or as otherwise instructed by the contractor. Any expense incurred for this service shall not be charged to the public entity. 166706. Applicability of provisions. This act does not apply in the case of a contract made or awarded by any public entity if a part of the contract price is to be
title16.docx