Marvin Mandel, Governor                           77

(b)  Each bidder on a contract for construction, reconstruction
or improvement of a facility shall accompany his bid with a cor-
porate surety bond, or a certified check payable to the Commission,
for a reasonable sum to be fixed by the Commission, as a guarantee
that, if the contract is awarded to him, he will enter into a contract
with the Commission in accordance with the terms of his bid.

(c)  In its discretion the Commission may accept or reject any
or all bids and may readvertise, but nothing in this compact shall
prohibit the Commission from negotiating a lower price with the
lowest responsible bidder. If all bids are rejected, the Commission
may procure the work, services, supplies, equipment or materials
in such manner as the Commission, pursuant to rules or regular-
tions theretofore adopted by it, may determine; provided, that it
may not pay more than the amount bid by the lowest responsible
bidder whose bid was rejected.

(d)  Prior to entering into any contract in excess of five thousand
dollars ($5,000.00) the contractor shall provide a bond with cor-
porate surety, payable to the Commission in such form and penal
sum as the Commission may determine, conditioned upon the faithful
performance of the contract in strict conformity with its terms,
and the Commission may require such bonds for contracts of five
thousand dollars ($5,000.00) or less.

(e)  The Commission shall adopt rules and regulations to provide
for contracting and purchasing when sealed bids, notice and pub-
lication are not required by this section and may adopt such addi-
tional rules and regulations as it deems appropriate to effectuate
this section.

(f)   The Commission may suspend and waive the provisions of
this section requiring competitive bids whenever:

(1)  the purchase is to be made from or the contract is to be
made with a signatory or other governmental agency or pursuant
to any open end, general schedule or requirements purchase con-
tract of any of them;

(2)  the public exigency requires the immediate delivery of the
articles or performance of the work or service;

(3)  only one source of supply is available;

(4) standardization of equipment or inter changeability of parts
is in the public interest; or

(5) services are to be provided of a specialized or professional
nature.

(g)  Whenever requested by the Commission, open end, general
schedule and requirements purchase contracts of the signatories,
their agencies, and their political subdivisions within the basin,
shall provide that the Commission may purchase thereunder; and
the signatories hereby authorize their respective central purchas-
ing agencies to make purchases for the Commission when so re-
quested by the Commission.

15.03. Insurance.—The Commission may purchase, and pay the
premiums for, insurance against loss of or damage to any of its
properties and against loss of revenue from any cause whatsoever.