Notwithstanding Section 20751, the board of the Ventura Port District may award a contract for the performance of dredging work within the district’s boundaries without competitive bidding, provided that both of the following apply:

1. (a) The dredging contractor was selected through a federal competitive bidding process for a federal dredging project then underway in the County of Ventura.
2. (b) The board makes written findings, based on substantial evidence in the record, that the contract awarded pursuant to this section is likely to cost less than a contract awarded pursuant to Section 20751.