(1) Whenever the Law Department, pursuant to the provisions of this Title, shall require the filing of a bond, the Redevelopment Authority of the City of Philadelphia, notwithstanding the provisions of § 17-106, may file a bond without the execution of a corporation surety. This authorization shall apply only to those instances where the Redevelopment Authority certifies in writing that over fifty (50) percent of the funding for the entire project is provided through City, State or Federal funds. In such cases, where the Redevelopment Authority elects not to provide corporate surety, it shall execute a bond in favor of the City in a form and content satisfactory to the Law Department.