Section 5. Liens under contracts for public improvements

A  person
  performing labor for or furnishing materials to a contractor, his or her
  subcontractor  or  legal  representative,  for   the   construction   or
  demolition  of  a  public  improvement  pursuant  to  a contract by such
  contractor with the state or a public corporation, and any trust fund to
  which benefits and wage supplements are due or payable for  the  benefit
  of such person performing labor, shall have a lien for the principal and
  interest  of the value or agreed price of such labor, including benefits
  and wage supplements due or  payable  for  the  benefit  of  any  person
  performing  labor,  or materials upon the moneys of the state or of such
  corporation  applicable  to  the  construction  or  demolition  of  such
  improvement,  to  the  extent of the amount due or to become due on such
  contract, and under a judgment of the court of  claims  awarded  to  the
  contractor  for  damages arising from the breach of such contract by the
  state, or awarded for furnishing labor or materials not contemplated  by
  the  provisions  of  said  contract,  upon  filing  a  notice of lien as
  prescribed in this  article,  except  as  hereinafter  in  this  article
  provided. Where no public fund has been established for the financing of
  a  public improvement with estimated cost in excess of two hundred fifty
  thousand dollars, the chief financial officer of the public owner  shall
  require the private entity for whom the public improvement is being made
  to  post,  or  cause  to  be posted, a bond or other form of undertaking
  guaranteeing prompt payment of moneys due to the contractor, his or  her
  subcontractors  and  to all persons furnishing labor or materials to the
  contractor or his or her subcontractors in the prosecution of  the  work
  on the public improvement.