§ 5-1.2-6-7 — Public notice and bidding required for certain contracts

Indiana § 5-1.2-6-7

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 6: Recreational Development Facilities and Park Projects

Text

If the cost of a contract for construction or for
the purchase of equipment, materials, or supplies involves an
expenditure of more than twenty thousand dollars ($20,000), the
authority shall make a written contract with the lowest and best bidder
after advertisement for not less than two (2) consecutive weeks in a
newspaper of general circulation in Marion County, Indiana, and in
other publications if the authority determines appropriate. The notice
must state the general character of the work and the general character
of the materials to be furnished, the place where the plans and
specifications may be examined, and the time and place for receiving
bids. Each bid must contain the full name of every person or company
interested in the bid and must be accompanied by a sufficient bond or
certified check on a solvent bank so that if the bid is accepted, a
contract will be entered into and the performance of the bidder's
proposal secured. The authority may reject any and all bids. A bond
with good and sufficient surety approved by the authority is required
of all contractors in an amount equal to at least fifty percent (50%) of
the contract price conditioned upon the faithful performance of the
contract.

Legislative History

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.16.