Section 32-4-119. Bonds of successful bidder

   Notwithstanding any provision of Chapter 91 of Title 36 to the contrary, where the contract price is $5,000.00 or more, no construction contract of a municipality, other than a contract solely for engineering or other professional services, shall be valid unless the contractor first gives:

   (1) A performance and payment bond which meets the requirements of Parts 1, 3, and 4 of Article 3 of Chapter 91 of Title 36; and

   (2) Such other bonds or insurance policies required by the municipality in its proposal forms, including but not limited to public liability and property damage insurance bonds or policies and bonds to maintain in good condition such completed construction for a period of not less than five years.

Ga. L. 1922, p. 37, § 1b; Code 1933, § 95-1104; Code 1933, § 95A-840, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 2001, p. 820, § 8; Ga. L. 2007, p. 167, § 5/HB 192.