Section 2508. Contracts of the authority

1.  All contracts for the
  construction, reconstruction, rehabilitation or improvement of buildings
  or structures shall be let in the manner provided by law  for  contracts
  of  the  city.  The  authority  in preparing separate specifications may
  provide for assignment of responsibility for coordination of any of  the
  contracts for such work to a responsible person, firm or corporation.
    2.  The  authority shall not award any construction contract except to
  the lowest bidder who in its opinion is qualified to  perform  the  work
  required  and  is  responsible and reliable. The authority may, however,
  reject all bids or waive any informality in a bid if  it  believes  that
  the  public  interest will be promoted thereby. The authority may reject
  any bid if in its judgment  the  business  and  technical  organization,
  plan,  resources,  financial  standing  or  experience  of  the  bidder,
  compared with the work to be performed, justifies such rejection.
    3. Any construction contract awarded by the  authority  shall  contain
  such  other  terms and conditions, and such provisions for penalties, as
  the authority may deem desirable.
    * NB (Discontinued-Board of Directors never appointed)