[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR28.204-1]

[Page 543]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
 
                CHAPTER 1--FEDERAL ACQUISITION REGULATION
 
PART 28_BONDS AND INSURANCE--Table of Contents
 
           Subpart 28.2_Sureties and Other Security for Bonds
 
Sec.  28.204-1  United States bonds or notes.

    Any person required to furnish a bond to the Government has the 
option, instead of furnishing a surety or sureties on the bond, of 
depositing certain United States bonds or notes in an amount equal at 
their par value to the penal sum of the bond (the Act of February 24, 
1919 (31 U.S.C. 9303) and Treasury Department Circular No. 154 dated 
July 1, 1978 (31 CFR part 225)). In addition, a duly executed power of 
attorney and agreement authorizing the collection or sale of such United 
States bonds or notes in the event of default of the principal on the 
bond shall accompany the deposited bonds or notes. The contracting 
officer may (a) turn securities over to the finance or other authorized 
agency official, or (b) deposit them with the Treasurer of the United 
States, a Federal Reserve Bank (or branch with requisite facilities), or 
other depository designated for that purpose by the Secretary of the 
Treasury, under procedures prescribed by the agency concerned and 
Treasury Department Circular No. 154 (exception: The contracting officer 
shall deposit all bonds and notes received in the District of Columbia 
with the Treasurer of the United States).

[48 FR 42286, Sept. 19, 1983. Redesignated and amended at 54 FR 48986, 
48989, Nov. 28, 1989]