(a) The contract price of any construction contract of the authority may be paid in partial payments as the work progresses, but the payments may not exceed 90 percent of the amount due at the time of the payments as shown by the report of the engineer of the authority.
(b) During the progress of the work, the executive director shall inspect the construction or have the construction inspected by the authority’s engineer or the engineer’s assistants.

(c) On certification of the executive director and the authority’s engineer of the completion of the contract in accordance with its terms and, in the case of any construction contract for which notice to bidders is required by this chapter, on approval of the board, the board shall draw a warrant on its depository to pay the balance due on the contract.