§103-32.2  Substitution of retainage. 
Any other law to the contrary notwithstanding, any public contract may provide
that the procurement officer may enter into an agreement with the contractor
which will allow the contractor to withdraw from time to time the whole or any
portion of the sum retained under section 103-32.1 upon depositing with the
procurement officer any general obligation bond of the State or its political
subdivisions with a market value not less than the sum to be withdrawn;
provided that the procurement officer may require that the total market value
of such bond be greater than the sum to be withdrawn. [L 1976, c 167, pt of §1;
am L 1977, c 32, §1; am L 1999, c 149, §8]