Section 139-E. Security bonds; municipal projects

Whenever a security bond
  is posted by a successful bidder  for  the  faithful  performance  of  a
  municipal project, for which state aid is approved, the name and address
  of  the  bonding company or person issuing the security bond, the number
  of such bond, and such other information as may be required by the state
  department  or  agency  responsible  for  supervising  the  aid  program
  regarding  the  project,  shall  be  transmitted  to  such department or
  agency, where it shall be reviewed to determine its  authenticity  prior
  to award of such contract. The original of such bond shall remain in the
  office  of the municipality . Upon request of such department or agency,
  the superintendent of insurance  shall  render  such  assistance  as  is
  necessary to determine the authenticity of the security bond.