SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
HB 755 Public Procurement Act; retainage on construction projects.
Introduced by: Clifton A. Woodrum | all patrons ... notes | add to my profiles
SUMMARY:
Public Procurement Act; retainage on construction projects. Requires in any public contract for construction, the public body to pay interest on the amount retained to ensure faithful performance of the contract. The bill specifies the rate of interest as equal to the Federal Discount Rate as of January 1 of each year, beginning on January 1, 1997. The bill provides that such interest is required on contracts entered into on or after July 1, 1996. The bill exempts VDOT provided it offers a contractor an escrow accounts option.
FULL TEXT
HISTORY
- 01/22/96 House: Presented & ordered printed 964307492
- 01/22/96 House: Referred to Committee for Courts of Justice
- 01/26/96 House: Reported from Courts of Justice (22-Y 0-N)
- 01/26/96 House: Referred to Committee on General Laws
- 02/05/96 House: Assigned to General Laws sub-committee: 2
- 02/07/96 House: Continued to 1997 in General Laws w/sub. (22-Y 0-N)