House Amendment 1125


PAG LIN




     1  1    Amend House File 686 as follows:
     1  2 #1.  Page 10, line 10, by striking the word <not>
     1  3 and inserting the following:  <not>.
     1  4 #2.  Page 10, line 12, by inserting after the word
     1  5 <interest> the following:  <to the extent not in
     1  6 conflict with this chapter>.
     1  7 #3.  Page 11, by inserting after line 2 the
     1  8 following:
     1  9    <Sec.    .  Section 573.12, subsection 1,
     1 10 unnumbered paragraph 1, Code 2005, is amended to read
     1 11 as follows:
     1 12    Payments made under contracts for the construction
     1 13 of public improvements, unless provided otherwise by
     1 14 law, shall be made on the basis of monthly estimates
     1 15 of labor performed and material delivered, as
     1 16 determined by the project architect or engineer.  The
     1 17 public corporation shall retain from each monthly
     1 18 payment not more than five percent of that amount
     1 19 which is determined to be due according to the
     1 20 estimate of the architect or engineer.  However,
     1 21 institutions governed pursuant to chapter 262 may, on
     1 22 contracts where a bond is required under section
     1 23 573.2, make payments under this section without
     1 24 retention until ninety=five percent of the contract
     1 25 amount has been paid and the remaining five percent of
     1 26 the contract amount shall be paid as provided under
     1 27 section 573.14.>
     1 28 #4.  Page 11, by striking lines 23 through 27 and
     1 29 inserting the following:  <accrues, and shall be the
     1 30 same as the rate of interest that is in effect under
     1 31 section 12C.6, as of the day interest begins to
     1 32 accrue, for a deposit of public funds for a comparable
     1 33 period of time.  However, for institutions governed
     1 34 pursuant to chapter 262, the rate of interest shall be
     1 35 determined by the period of time during which interest
     1 36 accrues, and shall be calculated as the prime rate
     1 37 plus one percent per year as of the day interest
     1 38 begins to accrue.  This paragraph does not abridge any
     1 39 of the rights>.
     1 40 #5.  By renumbering as necessary.
     1 41
     1 42
     1 43                               
     1 44 DOLECHECK of Ringgold
     1 45 HF 686.705 81
     1 46 kh/gg/2315
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