§ 1360. Contracts; manner of letting. Where the expense of the
construction of a project, or a part thereof, or an addition, betterment
or extension to the port facilities or industrial projects, or the
purchase of materials, supplies and equipment involves an expense
exceeding two thousand dollars, the authority shall advertise for bids
and shall award the contract to the lowest responsible bidder fully
complying with the plans and specifications. Such advertisement shall be
published once, not less than one week prior to the date fixed for the
opening of bids, in one newspaper having a general circulation in the
city of Oswego. The authority may make rules and regulations for the
submission of bids and award of contract thereon and may provide in such
rules and regulations that no performance, bond or undertaking need be
furnished by the contractor for the purchase of materials, supplies and
equipment in an amount not exceeding two thousand dollars. No contract
shall be entered into for the construction of a project, or a part
thereof, or for an addition, betterment or extension to the facilities
or for the purchase of materials, supplies and equipment in an amount
exceeding two thousand dollars unless the contractor shall give an
undertaking with a sufficient surety or sureties approved by the
authority and in the amount fixed by the authority for the faithful
performance of the contract. As to a contract entered into for the
construction, the undertaking shall provide, among other things, that
the person or corporation entering into such a contract will pay for all
materials furnished and services rendered in the performance of the
contract and that a 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 were named therein, provided the action is brought within
one year after the time the cause of action accrued. In case of public
emergency involving accident or other damage by which the port
facilities, or any part thereof, shall become disabled, the authority
may cause all necessary repairs thereto to be made without
advertisement, bidding and the letting of a formal contract therefor.