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<br />interest income - payable to contractor. The public entity or <br />any national bank, state bank, trust company, or savings and loan <br />association located in this state and designated by the <br />contractor to serve as custodian for the obligations pursuant to <br />section 24-91-106 shall collect all interest and income when due <br />on the obligations so deposited and shall pay them, when and as <br />collected, to the contractor who deposited the obligations. If <br />the deposit is in the form of coupon bonds, the escrow agent <br />shall deliver each coupon, as it matures, to the contractor. Any <br />expense incurred for this service shall not be charged to the <br />public entity. <br /> <br />24-91-108. RetJined payments - amount deducted by a public <br />entity. Any amount deducted by a public entity, pursuant to law <br />or the terms of a contract, from the retained payments otherwise <br />due to the contractor thereunder, shall be deducted first from <br />that portion of the retained payments for which no obligation has <br />been substituted and then from the proceeds of any deposited <br />obligation,in which case, the contractor shall be entitled to <br />receive the interest, coupons, or income only from those <br />obligations which remain on deposit after such amount has been <br />deducted. <br /> <br />24-91-109. Retained payments - disbursement. All retained <br />payments and interest thereon disbursed to any contractor under <br />any contract with a public entity covered under this article <br />shall be disbursed to each subcontractor by the contractor. The <br />disbursement of such retained payments. and interest shall be in <br />proportion to the respective amounts of retained payments, if <br />any, which the contractor theretofore has withheld from his <br />subcontractors, provided the subcontractor has performed under <br />his contract with the contractor. <br /> <br />24-91-110. Contracts excepted from article. The provlslons <br />of this article shall not apply in the case of a contract made or <br />aIVarded by any pub 1 i cent i ty if a part of the contract pri ce is <br />to be paid with funds from the federal government or from some <br />other source and if the federal government or such other source <br />has requirements concerning retention or payment of funds which <br />are applicable to the contract and which are inconsistent with <br />this article. <br /> <br />SECTION <br />take effect <br />construction <br />fiscal years <br /> <br />2. Effective date - applicability. This act shall <br />July 1, 1979, and shall apply to applicable <br />contracts entered into by public entities during <br />of such entities beginning on or after said date. <br /> <br />SECTION 3. Safety clause. The general <br /> <br />assembly hereby <br /> <br />PAGE 4-HOUSE BILL NO. 1239 <br />