The Board shall adopt regulations to ensure that the acquisition by the District of services or public transportation facilities (other than real estate) involving a cost of more than the small purchase threshold set by the Federal Transit Administration and the disposition of all property of the District shall be after public notice and with public bidding. The Board shall adopt regulations to ensure that the construction, demolition, rehabilitation, renovation, and building maintenance projects by the District for services or public transportation facilities involving a cost of more than $40,000 shall be after public notice and with public bidding. The regulations may provide for exceptions to the requirements for the issuance and sale of bonds or notes of the District, to the acquisition of professional or utility services and to other matters for which public bidding is disadvantageous. The regulations may also provide for the use of competitive negotiations or the prequalification of responsible bidders consistent with applicable federal regulations. The requirements set forth therein shall not apply to purchase of service agreements or other contracts, purchases or sales entered into by the District with any transportation agency or unit of local government.