Idaho Statutes Title 54. Professions, Vocations, and Businesses § 54-1926A. Use of government obligations instead of surety bonds

(1) Be given to the official having authority to approve the surety bond, or its authorized custodian;

(2) Be in an amount equal at fair market value to the penal sum of the required surety bond; and

(3) Authorize the official receiving the obligation to collect or sell the obligation if the person defaults on a required condition.

(b) (1) An official receiving a government obligation under subsection (a) of this section may deposit it with:

(2) The state treasurer, bank, or depository shall issue a safekeeping receipt that describes the obligation deposited.

(1) A corporate surety bond;

(2) A certified check;

(3) A bank draft;

(4) A post office money order; or

(5) Cash.

(1) May return to the contractor the government obligation given as security or proceeds of the government obligation given under the public contracts bond act, sections 54-1925 through 54-1930, Idaho Code, only after the ninety (90) day period for bringing a civil action under section 54-1927, Idaho Code;

(2) Shall hold the government obligation or the proceeds subject to the order of the court having jurisdiction of the action if a civil action is brought in the ninety (90) day period.

(1) Priority of a claim of the contracting body against a government obligation given under this section;

(2) Right or remedy of the contracting body for default on an obligation provided under this section;

(3) Authority of a court over a government obligation given as security in a civil action; and

(4) Authority of an official of the state of Idaho authorized by another law to receive a government obligation as security.