Statutes > Kentucky Statutes > CHAPTER 67A URBAN-COUNTY GOVERNMENT > 67A.740 Construction contracts -- Bids -- Performance bonds.

67A.740 Construction contracts -- Bids -- Performance bonds.

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67A.740 Construction contracts -- Bids -- Performance bonds. Proposals for the construction of the project shall be solicited upon the basis of the <br>submission of sealed competitive bids after advertisement, by publication pursuant to <br>KRS Chapter 424. Upon or after the acceptance by the governing body of a bid, or <br>combination of bids, the governing body may determine the total cost for the proposed <br>project, taking into account the amount of the accepted bids, and all other costs of the <br>project, as herein defined. Each contract shall be supported by a performance bond for the <br>full amount thereof, with good surety to be approved by the governing body. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 7, effective June 21, 1974.