(1) (a) Whenever an agency of government other than the department of transportation proposes to undertake the construction of a public project reasonably expected to cost in excess of fifty thousand dollars by any means or method other than by a contract awarded by competitive bid, it shall prepare and submit a cost estimate in the same manner as other bidders. If the department of transportation proposes to undertake the construction of a public project by any such means or method, it shall submit a cost estimate when and as required by subsections (1)(b) and (1)(c) of this section. Any agency of government shall not undertake a proposed public project itself unless it shows the lowest cost estimate. (b) (I) For public projects under the supervision of the department of transportation that the department proposes to undertake by any means or method other than by a contract awarded by competitive bid, the department shall prepare and submit a cost estimate if the cost of the project is reasonably expected to exceed three hundred thousand dollars. The department may adjust this project cost cap annually for inflation and may round the adjusted amount upward to the nearest five thousand dollars. (II) As used in this subsection (1)(b), "inflation" means the annual percentage change in the United States department of transportation and federal highway administration's national highway construction cost index or a successor index. The department shall publish annually the project cost cap, adjusted for inflation, on its website. (c) Cost estimates for public projects undertaken by the department of transportation that are reasonably expected to cost more than one hundred fifty thousand dollars but not more than the project cost cap as determined pursuant to subsection (1)(b) of this section shall be submitted to the transportation commission on at least a quarterly basis for its review and approval. (2) In preparing such cost estimate, the agency of government shall preserve a full, true, and accurate record of the cost of such project. Such records shall be kept and maintained by the responsible officer on behalf of the agency of government. To the extent the agency of government contracts with any other state or local government agency in connection with a public project, such other agency shall provide all necessary data or information to enable the agency of government to document a full, true, and accurate record of the cost of such project, which data or information shall be kept in an orderly manner by the agency of government for a period of at least six years after completion of the project. All such records shall be considered public records and shall be made available for public inspection. (3) State agencies shall not be required to be bonded when performing the work on a public project.
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