§103-32.2  Substitution of retainage. Any other law to the contrary notwithstanding, any public contract may providethat the procurement officer may enter into an agreement with the contractorwhich will allow the contractor to withdraw from time to time the whole or anyportion of the sum retained under section 103-32.1 upon depositing with theprocurement officer any general obligation bond of the State or its politicalsubdivisions with a market value not less than the sum to be withdrawn;provided that the procurement officer may require that the total market valueof such bond be greater than the sum to be withdrawn.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]