Citations Affected:
IC 8-23-9.
Synopsis: Transportation. Eliminates the requirement that a contractor must submit the written
consent of the surety of the contractor's bond before the contractor may be permitted to draw
any part of the retained percentage of a contract withheld by the Indiana department of
transportation. Repeals the requirement that, until there has been substantial completion of an
Indiana department of transportation contract, payment on the contract may not exceed 97% of
the estimated cost of the completed work. Repeals additional provisions: (1) requiring that the
retainage, upon the contractor's request, be deposited in an interest bearing escrow account with
the treasurer of state or the treasurer of state's designee acting as escrow agent; and (2)
permitting the treasurer of state to charge a fee for these services. (This conference committee
removes the following from the bill: (1) provisions concerning public records relating to
negotiations between landowners and the Indiana department of transportation; (2) provisions
concerning openings and curb cuts along State Highway 331; and (3) and provisions concerning
the expenditure of toll road revenues.)
Effective: July 1, 2001.
MR. PRESIDENT:
Your Conference Committee appointed to confer with a like committee from the House
upon Engrossed House Amendments to Engrossed Senate Bill No. 418 respectfully reports
that said two committees have conferred and agreed as follows to wit:
that the Senate recede from its dissent from all House amendments and
that the Senate now concur in all House amendments to the bill and that
the bill be further amended as follows:
____________________________ ____________________________
Senator RiegseckerRepresentative Fry
Chairperson
____________________________ ____________________________
Senator AntichRepresentative McClain
Senate Conferees House Conferees