1. A. Contracts for the creation, construction, alteration, or repair of any building, structure, or other improvement undertaken by a port authority created in accordance with Section 1102 of this title and involving an expenditure exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) shall be subject to the Public Competitive Bidding Act of 1974. Except as otherwise provided by subsection B of this section, no sale of any real property or property having a fair market value exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) shall be made by the port authority unless notice calling for bids for the same shall have been given by publication as provided by Section 1101 of this title. No such contract shall be let except to the lowest responsible bidder. No such sale shall be made except to the highest responsible bidder. In the case of any sale of land by the port authority requiring competitive bids, specifications for the bids for such sale shall be in such form and detail as shall be determined by the port authority. Provided, however, should the port authority find that an immediate emergency exists, which findings shall be entered in the minutes of the port authority, by reason of which an expenditure in an amount exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) is necessary in order to avoid loss of life, substantial damage to property, or damage to the public peace or safety, then such contracts may be made and entered into without public notice or competitive bids.

2. B. Competitive bids shall not be required for the sale of real property or property by a port authority if:

   1. 1. Such real property or property is to be sold for industrial development purposes;
   2. 2. The real property or property was acquired by the port authority for industrial development purposes; and

   3. 3. The contract for the sale of such real property or property has been approved by the board of directors of such port authority.

      Every contract let shall be in writing, and if the same involves work or construction, it shall be accompanied by or shall refer to plans and specifications for the work to be done, prepared for and approved by the port authority, signed by the chairman of the port authority and by the contractor, and shall be executed in triplicate.

Laws 1959, p. 394, § 12, emerg. eff. July 15, 1959; Laws 1968, c. 239, § 1; Laws 1989, c. 123, § 1, eff. Nov. 1, 1989; Laws 1992, c. 193, § 1, emerg. eff. May 11, 1992; Laws 1994, c. 123, § 1, emerg. eff. May 2, 1994; Amended by Laws 2000, HB 2346 c. 192. § 1, eff. May 08,2000 (superseded document available).