(1) Before making any purchase of, or contract for, any supplies, materials, or equipment, and before obligating the city under any contract for the performance of services or for the construction of municipal improvements where the anticipated cost to the city of the transaction exceeds the maximum amount established by the board of directors under the authority of § 14-48-117, opportunity for competitive bidding shall be given under such rules and regulations as the board may by ordinance prescribe, and the contract shall be consummated only on a bid approved by the city administrator and by the board.
(2) The board, by ordinance, may waive the requirement of competitive bidding in exceptional situations where this procedure is not feasible. However, such exceptional situations being lacking, the board may not except any particular contract, purchase, or sale from the requirement of competitive bidding.
(3) All purchase and sale records of the city shall be open to public inspection.