The Form of Substitute Security in Lieu of

R2-7-510. The Form of Substitute Security in Lieu of Retention September 30, 2022 Supp. Administrative Code 2 A.A.C. 7 ADMINISTRATION - STATE PROCUREMENT OFFICE If the conditions identified under R2-7-506 are met, the agency chief procurement officer shall accept a substitute security from a contractor in the form of one of the following: 1. An assignment of a time certificate of deposit by a financial institution licensed by this state; 2. Share certificates of a financial institution or credit union authorized to transact business in this state; or 3. Security issued or guaranteed as to principal and interest by: a. The United States; b. The state; or c. Counties, municipalities, and school districts within this state. Historical Note Adopted as an emergency effective January 1, 1985, pursuant to A.R.S. § 41-1003, valid for only 90 days (Supp. 84-6). Emergency expired. Permanent rule adopted effective April 3, 1985 (Supp. 85-2). Section repealed; new Section made by final rulemaking at 12 A.A.R. 508, effective April 8, 2006 (Supp. 06-1).