A public-private partnership shall require the private partner or each of its prime contractors to provide performance and payment security. Notwithstanding any other provision of state law, the penal sum or amount of such security may be less than the price of the contract involved, based upon the public sponsor's determination, made in its sole discretion and on a facility-by-facility basis, of what is required to adequately protect the public sponsor and adequately assure payment of persons and amounts provided for in [add statutory reference, if appropriate].