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(a) When a negotiable security is filed with the commissioner in place of the bond as provided in AS 08.18.071 (b), the owner of the security shall execute an assignment of the security to the state which is attached to and becomes a part of the security.
(b) The following negotiable securities are acceptable for the purposes of AS 08.18.071 (b):
(1) for a specialty contractor, a time certificate of deposit in the face amount of $5,000 issued by a bank or trust company authorized to do business in Alaska, and meeting the requirements of 12 AAC 21.120; and
(2) for a general contractor, a time certificate of deposit in the face amount of $10,000 issued by a bank or trust company authorized to do business in Alaska, and meeting the requirements of 12 AAC 21.120.
(c) Negotiable securities other than those listed in this section, filed for the purposes of AS 08.18.071 (b), will be considered on a case-by-case basis.
(d) The assignment required under (a) of this section must be on a form provided by the department.
(e) When either cash or a negotiable security filed in accordance with this section and AS 08.18.071 (b) is accepted by the commissioner in the place of the surety bond required by AS 08.18.071 , it shall remain filed with and pledged to the state for the purposes of AS 08.18.071 for a period of three years after
(1) the effective date of a surety bond in like amount written in compliance with AS 08.18.071 ;
(2) the lapse without reinstatement of the certificate of registration; or
(3) the suspension or revocation without reinstatement of the certificate of registration.
History: Eff. 7/2/77, Register 62; am 4/3/88, Register 105
Authority: AS 08.01.080
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Last modified 7/05/2006