Section 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.