HARRY HUGHES, Governor

3457

BONDS ISSUED OR TO BE ISSUED BY THE AUTHORITY FOR THE SAME
PROJECT OR PROJECTS; AND.

(F) TO ESTABLISH REPAYMENT SCHEDULES FOR THE AUTHORITY
IN CONNECTION WITH GRANTS OF MONEY TO THE AUTHORITY.

29-16.

(a) If any project or any portion thereof or any
improvement thereof shall be constructed... equipped or
furnished pursuant to a contract and the estimated cost
thereof exceeds [twenty-five hundred dollars ($2,500.00)]
$2,500 such contract shall be awarded to the lowest
responsible bidder after advertisement for bids, except as
[hereinafter] provided in [subsection (b) hereof]
SUBSECTIONS (B) AND (C) OF THIS SECTION. The authority may
make rules and regulations for the submission of bids and
the construction, equipping, furnishing and improvement of
any project or portion thereof. No contract shall be entered
into for construction, equipping, furnishing or improvement
of any project, or portion thereof, or for the purchase of
materials, unless the contractor shall give an undertaking
with a sufficient surety or sureties approved by the
authority, and in an amount fixed by the authority, for the
faithful performance of the contract; and such contract
shall be accompanied by an additional bond for the
protection of those to furnish labor and material. All
construction contracts shall provide, among other things,
that the person or corporation entering into such contract
with the authority will pay for all materials furnished and
services rendered for the performance of the contract, and
that any person or corporation furnishing such materials or
rendering such services may maintain an action to recover
for the same against the obligor in the undertaking as
though such person or corporation was named therein,
provided the action brought within [three] 3 years after the
cause of action accrued. Nothing in this section shall be
construed to limit the power of the authority to construct
any project, or portion thereof, or any addition, betterment
or extension thereto, directed by the officers, agents and
employees of the authority, or by agreement with the federal
and State governments or any agency or department of either.
Subject to the aforesaid, the authority may (but without
intending by this provision to limit any powers of such
authority) enter into and carry out such contracts, or
establish or comply with such rules and regulations
concerning labor and materials and other related matters in
connection with any project, or portion thereof as the
authority may deem desirable, or as may be requested by any
federal agency that may assist in the financing of such
project or any part thereof.

(C) IF THE AUTHORITY FINDS THAT THE PROCEDURES SET
FORTH IN SUBSECTION (A) OF THIS SECTION ARE IMPRACTICABLE IN
THE CONSTRUCTION, EQUIPPING, OR FURNISHING OF A PROJECT, THE