HARRY HUGHES, Governor

3251

MONEYS OF THE UNITED STATES, INCLUDING UNITED STATES TREASURY TAX
AND LOAN ACCOUNTS;

(4)  DOMESTIC AND EURODOLLAR CERTIFICATES OF DEPOSIT;
AND

(5)  BONDS, DEBENTURES, NOTES OR OTHER EVIDENCES OF
INDEBTEDNESS ISSUED BY A DOMESTIC CORPORATION, SUCH AS A
CORPORATION ORGANIZED UNDER THE LAWS OF ONE OF THE STATES OF THE
UNITED STATES, PROVIDED THAT SUCH OBLIGATIONS ARE NONCONVERTIBLE
AND AT THE TIME OF THEIR PURCHASE ARE RATED IN THE HIGHEST RATING
CATEGORIES BY A NATIONALLY RECOGNIZED BOND RATING AGENCY.

(C) THE BOARD MAY AUTHORIZED THE EXECUTION OF OTHER TYPES OF
SECURITY TRANSACTIONS WHICH MAY BE DEEMED NORMAL, BENEFICIAL AND

APPROPRIATE FOR A CORPORATION INVESTING IN THIS CLASS OF

INVESTMENT.

Article XVI

73.

Contracts for the construction, reconstruction or
improvement of any facility when the expenditure required exceeds
[ten thousand dollars ($10,000)] TWENTY-FIVE THOUSAND DOLLARS
($25,000) and contracts for the purchase of supplies, equipment
and materials when the expenditure required "exceeds [two thousand
five hundred dollars ($2,500)] TEN THOUSAND DOLLARS ($10,000)
shall be advertised and let upon sealed bids to the lowest
responsible bidder. Notice requesting such bids shall be
published in a manner reasonably likely to attract prospective
bidders, which publication shall be made at least ten days before
bids are received and in at least two newspapers of general
circulation in the zone. The board may reject any and all bids
and readvertise in its discretion. If after rejecting bids the
board determines and resolves that, in its opinion, the supplies,
equipment and materials may be purchased at a lower price in the
open market, the board may give each responsible bidder an
opportunity to negotiate a price and may proceed to purchase the
supplies, equipment and materials in the open market at a
negotiated price which is lower than the lowest rejected bid of a
responsible bidder, without further observance of the provisions
requiring bids or notice. The board shall adopt rules and
regulations to provide for purchasing from the lowest responsible
bidder when sealed bids, notice and publication are not required
by this section. The board may suspend and waive the provisions
of this section requiring competitive bids whenever:

(a)  The purchase is to be made from or the contract is to
be made with the federal or any state government or any agency or
political subdivision thereof or pursuant to any open-end
bulk-purchase contract of any of them;

(b)  The public exigency requires the immediate delivery of
the articles;