(a) The board may award a contract involving the expenditure of more than $15,000 only by competitive bidding.
(b) Competitive bidding is not required:
(1) for a contract for:
(A) personal or professional services;
(B) a real estate transaction;
(C) operation of an improvement or facility under a specific agreement for a limited term; or
(D) insurance; or
(2) if the board determines that the delay posed by the competitive bidding procedure would prevent or substantially impair the operation of island property.