Section 42N. Notwithstanding any other provision of law to the contrary, the trustees of the college or an officer of the college designated by them and the trustees of the institute or an officer of the institute designated by them shall have the authority to make any purchase or purchases in the amount of five hundred dollars or less, and to purchase without limitation of amount library books and periodicals, educational and scientific supplies and equipment, printing and binding, emergency repairs and replacement parts, and perishable items, without recourse to any other state board, bureau, department or commission; provided, that in so doing the college or institute shall follow modern methods of purchasing and shall, wherever practicable, invite competitive bids. Except as herein provided, the state purchasing agent shall on the certification of availability of funds purchase all items specified on requisitions submitted to him by the college and by the institute; provided, that the college and the institute shall have the right to review all bids received on college or institute requisitions and to make binding recommendation on the award of the contract based on the judgment of the college or institute as to which of the bids best meet the specification of the college or institute on which the bids were received.