Contracts for construction - bond - default

(1) Except as provided in this section, all local improvements made under the provisions of this part 6 shall be constructed by independent contract, and all contracts shall be let by the board. All such contracts shall be let to the lowest reliable and responsible bidder, after public advertisement once in a newspaper of general circulation in such county; except that after such advertisement, if it be determined by the board that the bids are too high or that the proposed improvement can be made by the county for less than the bid of the lowest reliable and responsible bidder, such county is empowered to provide for doing the work by hiring labor by the day or otherwise and to arrange for purchasing necessary material, all under the supervision of the board. (2) Except when the county does the work, no contract shall be made without a surety bond for its faithful performance, with sufficient sureties, to be approved by the board. No surety shall be accepted or approved by the board other than a corporate surety company, unless he is the owner of real estate in this state, free and clear of all encumbrances, in double the amount of his liability on all bonds upon which he may then be surety. Upon default in the performance of any contract, the board may advertise and relet the remainder of the work in like manner, without further resolution, and deduct the cost from the original contract price or, with the approval of the board, advance any excess out of the funds of the county and recover the same by suit on the original bond. In all advertisements the right shall be reserved to reject any or all bids, and, upon rejecting all bids, if deemed advisable by the board, other bids may be advertised for. (3) Notwithstanding the provisions of subsection (1) of this section and the provisions of section 24-92-104 (3), C.R.S., all construction contracts for any improvements funded in whole or in part by the district sales tax authorized by section 30-20-604.5 or by revenue bonds issued pursuant to section 30-20-619 (4) shall be awarded by competitive sealed bidding pursuant to the procedures set forth in article 92 of title 24, C.R.S.