All construction contracts by the authority where the amount of the contract shall exceed Two Thousand Five Hundred Dollars ($2,500.00) shall be made upon at least three (3) weeks’ public notice by advertisement in a newspaper of general circulation in the area of the project, which notice shall state the thing to be done and invite sealed proposals, to be filed with the secretary of the authority, to do the work. In all such cases, before the notice shall be published, the plans and specifications for the work shall be filed with the secretary of the authority, and there remain. The board of trustees shall award the contract to the lowest bidder, who will comply with the terms imposed by such trustees and enter into bond with sufficient sureties to be approved by the trustees in such penalty as shall be fixed by the trustees, but in no case to be less than the contract price, conditioned for the prompt, proper, and efficient performance of the contract.
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