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(a) A certificate of deposit or other negotiable instrument filed with the commissioner instead of a bond must
(1) show the commissioner as payee and must bear on its face the words "State of Alaska in Trust for" or similar words that allow only the commissioner to negotiate the instrument;
(2) be accompanied by an Assignment of Negotiable Instrument signed by the contractor and a bank representative acknowledging transfer to the department;
(3) be issued for a period of at least three years before maturity, or if purchased for a shorter period, be automatically renewable; and
(4) remain pledged to the state in accordance with 12 AAC 21.090(e) .
(b) At the time a certificate of deposit filed with the commissioner matures, the department must receive a letter from the bank or the contractor requesting the commissioner to release the certificate to the bank for reissue. This letter must include the complete mailing address of the bank.
History: Eff. 5/2/81, Register 78; am 4/3/88, Register 105; am 10/15/2000, Register 156
Authority: AS 08.01.080
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Last modified 7/05/2006