When the contract amount of a project does not exceed $500,000 and when public funds are utilized for the project, a person, the state, or a political subdivision shall not refuse, as surety for the project, bid bonds, performance bonds, labor and materials payment bonds, or any other surety bonds which are issued by a surety company which fulfills each of the following provisions:(1) The surety company is licensed to do business in the State of Florida;
(2) The surety company holds a certificate of authority authorizing it to write surety bonds in this state;
(3) The surety company has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued;
(4) The surety company is otherwise in compliance with the provisions of the Florida Insurance Code; and
(5) The surety company holds a currently valid certificate of authority issued by the United States Department of the Treasury under 31 U.S.C. ss. 9304-9308.
