195

Any contractor in charge of the construction, reconstruction, extension, modification or repair of a work, building or structure whose estimated cost as specified in the construction permit issued by the Permit Office of the Planning Board is greater than fifteen thousand dollars ($15,000) shall post a payment bond in favor of the Secretary of Labor and Human Resources, which shall be binding and effective on and after the date the work is started. History —June 22, 1961, No. 111, p. 223, § 1, eff. 90 days after June 22, 1961.