§ 136-28.9. Retainage - construction contracts. - North Carolina Statutes

§ 136‑28.9.  Retainage –construction contracts.

Notwithstanding the provisionsof G.S. 147‑69.1, 147‑77, 147‑80, 147‑86.10, and 147‑86.11,or any other provision of the law, the Department of Transportation isauthorized to enter into trust agreements with banks and contractors for thedeposit of retainage and for the payment to contractors of income on thesedeposits, in connection with transportation construction contracts, in trustaccounts with banks in accordance with Department of Transportation regulations,including deposit insurance and collateral requirements. The Department ofTransportation may contract with those banks without trust departments inaddition to those with trust departments. Funds deposited in any trust accountshall be invested only in bonds, securities, certificates of deposits, or otherforms of investment authorized by G.S. 147‑69.1 for the investment ofState funds. The trust agreement may also provide for interest to be paid onuninvested cash balances.  (1989 (Reg. Sess., 1990), c. 1074, s. 38; 2009‑266,s. 15.)