A. The construction of projects or facilities undertaken by the authority shall be by contract and not by force account. No contract for construction work exceeding five thousand dollars, except in cases of emergency to prevent imminent loss or danger, shall be entered into by the authority except after notice published for not less than ten days. All such contracts shall be let by public bid to the lowest responsible bidder, and the authority shall be authorized to call for sealed bids and to accept or reject any or all bids. Bids shall be accompanied by a reasonable bid bond in an amount the authority demands. The provisions of this subsection shall not apply to any contracts entered into with a federal agency.

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B. All purchases and contracts made by the authority for material or services other than personal services shall be made after advertising in such manner and at such times sufficiently in advance of opening bids as the authority deems adequate to insure appropriate notices and opportunity for competition. Advertisement shall not be required when:

1. An emergency requires immediate delivery of the supplies or performance of the services.

2. Repair parts, accessories or supplemental equipment or services are required for supplies or services previously furnished or contracted for.

3. The aggregate amount involved in the purchase of supplies or procurement of services does not exceed two thousand five hundred dollars.

C. In the instances provided for by paragraphs 1, 2 and 3 of subsection B the purchase of supplies or procurement of services may be made in the open market in the manner common among businessmen.

D. In comparing bids and in making awards the authority shall give due consideration to such factors as:

1. The relative quality and adaptability of supplies or services.

2. The bidder’s financial responsibility, skill, experience, record of integrity in dealing and ability to furnish repair and maintenance services.

3. The time of delivery or performance offered.

4. Whether the bidder has complied with the specifications.

E. The provisions of subsection D shall not apply to any contracts entered into with any federal agency.

F. The authority shall protect its interests by providing for and securing such bond or bonds as are required under the provisions of Title 34, Chapter 2, Article 2.