LEG00183

• Bill Number: HB79-1239
• Year: 1979
• Title: Concerning Retentions in Construction Contracts with Public Entities
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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1979

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HOUSE BILL NO. 1239. BY REPRESENTATIVES Reeves, Durham, Hamlin,
Hilsmeier, Johnson, and Schauer; also SENATORS Powers, Anderson,
Cole, L. Fowler, and Strickland.

CONCERNING RETENTIONS IN CONSTRUCTION CONTRACTS WITH PUBLIC
ENTITI ES.

Be it enacted ~ the General Assembly of the State of Colorado:

SECTION 1. Title 24, Colorado Revised Statutes 1973, as
amended, is amended BY THE ADDITION OF A NEW ARTICLE to read:

ARTICLE 91

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Construction Contracts with Public Entities

24-91-101. Legislative declaration. The general assembly
hereby declares that retentions in construction contracts with
public entities are a matter of statewide concern and are
affected with the public interest and that the provisions of this
article are enacted in the exercise of the police power of this
state for the purpose of protecting the health, peace, safety,
and welfare of the people of this state.

24-91-102. Definitions. As used in this article, unless
the context otherwise requires:

(1) "Acceptable sEcurities" means:

(a) United States bonds, United States treasury notes, or
United States treasury bills;

(b) General obligation or revenue bonds of this state;

(c) General obligation or revenue bonds of any political
subdivision of this state;

Capital letters indicate new material added to existing statutes;
dashes through words indicate deletions from existing statutes and
such material not part of act.