No action can be instituted on the payment bonds or security deposits after one year from the completion of the contract and the acceptance of the public works construction by the proper public authorities. Every action instituted under this article shall be brought in the name of the claimant, without the governmental entity for which the work was done or was to be done being made a party thereto.
(Code 1981, §36-91-75, enacted by Ga. L. 2000, p. 498, § 1; Code 1981, §36-91-95, as redesignated by Ga. L. 2001, p. 820, § 12.)