(1) The cabinet shall designate as small or small minority business set aside state contracts of goods, equipment, construction, or services requested to be purchased by or for any agency whenever there is a reasonable expectation that bids can be obtained from at least three (3) small or small minority businesses capable of furnishing the desired property or services at a fair and reasonable price. Such designation should be made prior to the public notice for bids, and the notice shall designate this invitation as a small or small minority business set aside.
(2) When an item has been designated as a small or small minority business set aside, invitations for bids shall be confined to small or small minority businesses and bids from other bidders may be rejected.
(3) The cabinet shall award contracts to the responsible bidder whose bid meets specifications and offers the best value to the Commonwealth.