Wherever, by existing laws or regulation, a bond is required by any county, city, borough, township, school district, or other organized subdivision of the Commonwealth, or by any State institution, or any educational or charitable institution receiving aid from the Commonwealth, conditioned for the performance of a contract entered into with it, such bond shall be deemed to be, and it is hereby, waived whenever such contract shall be proposed by or entered into with the Commonwealth of Pennsylvania by or through any department, bureau, or commission thereof.
71 P.S. § 1619