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Excess Funds in Public Improvement Bond

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Reviewed Date: January 21, 2014

Original Author: 
Broughton, Jeff
Co-author: 
Jones, Josh
Date of Material: 
Jan 8, 2014


Subjects:
Finance--Bond issues
Contracts
Construction--Contracts
Surety

Excess Funds in Public Improvement Bond

Summary: 
MTAS was asked whether excess funds that remained from a public improvement bond called to complete required subdivision work should be returned to the surety company.

Attachment(s):

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Information written by MTAS staff was based on the law at the time and/or a specific sets of facts. The laws referenced may have changed and/or the technical advice provided may not be applicable to your city or circumstances. Always consult with your city attorney or an MTAS consultant before taking any action based on information posted to this website.