Section 1421-F. Construction or purchase contracts

The authority shall let
  contracts for construction or purchase in the same  manner,  so  far  as
  practicable,  as is provided by law for contracts of the village, except
  that where a construction  contract  involves  an  expenditure  of  five
  thousand  dollars or less or a purchase contract involves an expenditure
  of three thousand dollars or less, such contract  may  be  entered  into
  without  public  letting.  Nothing in this section shall be construed to
  limit the power of the authority to do any construction directly by  the
  officers, agents and employees of the authority.