(1) Before making a purchase of or contract for supplies, materials, or equipment and before obligating the city under a contract for the performance of services or for the construction of municipal improvements in which the anticipated cost to the city of the transaction exceeds the maximum amount established by the board of directors under the authority of § 14-47-120, opportunity for competitive bidding shall be given under such rules and regulations as the board may prescribe by ordinance, and the contract shall be consummated only on a bid approved by the city manager and by the board.
(2) Competitive bids may be accepted in the form of a written bid or by electronic media.
(3) The board, by ordinance, may waive the requirement of competitive bidding in exceptional situations where this procedure is not feasible, but lacking such exceptional situations, the board may not except any particular contract, purchase, or sale from the requirement of competitive bidding.
(4) All purchase and sale records of the city shall be open to public inspection.