Section 1020-S. Contracts

All contracts, or orders, for work, material or
  supplies  performed  or furnished in connection with construction or any
  procurement shall be awarded by the authority  pursuant  to  resolution.
  Such contracts, or orders, for work, material or supplies needed for any
  particular  purpose involving an expenditure for more than five thousand
  dollars shall be awarded only after inviting sealed  bids  or  proposals
  therefor.  The  notice  inviting  sealed proposals shall be published at
  least once in a newspaper or trade paper selected by the  authority  for
  such  purpose,  such publication to be at least ten days before the date
  for the receipt of bids. If the authority shall  not  deem  it  for  the
  interest  of  the  authority  to  reject  all  bids,  it shall award the
  contract to the lowest responsible  bidder.  The  bidder  whose  bid  is
  accepted  shall  give  security  for  the  faithful  performance  of the
  contract, and such other security as the authority may require, and  may
  be  required  to  maintain  for  such  period as shall be stipulated any
  construction done under the contract, all in the manner  prescribed  and
  required  by  the authority; and the sufficiency of such security shall,
  in addition to the justification and acknowledgment, be approved by  the
  authority.  All  bids  or  proposals  shall  be  publicly  opened by the
  authority or its duly authorized agent. If the bidder whose bid has been
  accepted after  advertising  shall  neglect  or  refuse  to  accept  the
  contract  within  five  days after written notice that the same has been
  awarded to him on his bid or proposal, or, if he accepts  but  does  not
  execute  the  contract and give proper security the authority shall have
  the right to declare his deposit forfeited, and thereupon  it  shall  be
  readvertised  and  relet  as  above  provided. In case any work shall be
  abandoned by any contractor, the authority may, if the best interests of
  the authority be thereby served, adopt on behalf of the authority any or
  all sub-contracts made by such contractor for such  work  and  all  such
  sub-contractors  shall  be  bound  by  such  adoption  if  made; and the
  authority shall in the manner provided herein readvertise and relet  the
  work  specified in the original contract exclusive of so much thereof as
  shall be provided for in the sub-contract or sub-contracts  so  adopted.
  No bid shall be accepted from or any contracts awarded to, any person or
  corporation  who is in arrears to the authority, or the village of Green
  Island upon any debt or  contract,  or  is  a  defaulter  as  surety  or
  otherwise  upon  any  obligation of the authority, or the village. Every
  contract involving an expenditure of more  than  five  thousand  dollars
  when  made  and entered into as herein provided for shall be executed in
  duplicate, one copy of which shall be held by the authority and one copy
  of which shall be delivered to the contractor.
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