The department may close a project after the following have occurred:
(1) The department shall provide thirty (30) days notice in some newspaper published in the county where the work is done, if there is a newspaper published there, and if not, in a newspaper in an adjoining county, that final settlement is about to be made and notifying all claimants to file notice of their claims with the department and the contractor's surety. The period for filing a notice of claim shall not be less than thirty (30) days after the last published notice. No notice of claim shall be valid unless it is verified by oath and filed after the publication of the first notice; and
(2) The contractor shall furnish evidence to satisfy the department that all the material used by the contractor, its subcontractors or its agents has been fully paid for and all laborers and other employees working for the contractor, its subcontractors or its agents have been fully paid.