Statutes > Rhode Island Statutes > Title 37 - Public Property and Works > CHAPTER 37-12.1 - Substitution of Security for Retained Earnings of Architects and Engineers > § 37-12.1-3 - Deduction from retained earnings.

§ 37-12.1-3 - Deduction from retained earnings.

SECTION 37-12.1-3

   § 37-12.1-3  Deduction from retainedearnings. – In the event that pursuant to the terms of the public works contract it isnecessary to deduct any sum from retained earnings, the state or governmentalunit or agency thereof shall first apply the deduction against sums notwithdrawn and thereafter from the proceeds of the sale of any securitiesdeposited or from the income earned on those securities, whichever isapplicable.