(1) A state institution of higher education may establish policies and procedures for procuring property that shall be substantially consistent with the requirements for procuring property as set forth in this chapter and that shall be approved by the state board of education. When the state board of education has approved such policies and procedures for a state institution of higher education, the institution shall not be subject to the provisions of this chapter, except as provided in subsection (2) of this section.
(2) When the state enters into an open contract, a state institution of higher education must use the open contract, or the institution may procure property from a vendor that is not party to the open contract if the cost to the institution would be equal to or less than the price of the property under the open contract.