A. Public construction contracts as such term is defined by the Public Competitive Bidding Act of 1974 and executed by a port authority created pursuant to Section 1102 of this title shall be subject to the Public Competitive Bidding Act of 1974.

B. 1. Except as otherwise provided by subsection C of this section, no sale of any real property or personal property having a fair market value exceeding the public construction contract amount specified by the Public Competitive Bidding Act of 1974 shall be made by the port authority unless notice calling for bids for the contract has been given by publication as provided by Section 1101 of this title.

2. No sale of real property or personal property shall be made except to the highest responsible bidder.

3. In the case of any sale of land by the port authority requiring competitive bids, specifications for the bids for the sale shall be in such form and detail as is determined by the port authority. Provided, however, if the port authority finds that an immediate emergency exists, which findings shall be entered in the minutes of the port authority, by reason of which an expenditure in an amount exceeding the public construction contract amount specified by the Public Competitive Bidding Act of 1974 is necessary in order to avoid loss of life, substantial damage to property, or damage to the public peace or safety, then such contracts may be executed without public notice or competitive bids.

C. Competitive bids shall not be required for the sale of real property or personal property by a port authority if:

1. The real property or personal property is to be sold for industrial development purposes;

2. The real property or personal property was acquired by the port authority for industrial development purposes; and

3. The contract for the sale of the real property or personal property has been approved by the board of directors of such port authority.

D. Every public construction contract or contract for the sale of real property or personal property shall be executed in writing. If the public construction contract involves work or construction, the contract shall be accompanied by or shall refer to plans and specifications for the work to be done, prepared for and approved by the port authority, signed by the chairman of the port authority and by the contractor, and shall be executed in triplicate.

Added by Laws 1959, p. 394, § 12, emerg. eff. July 15, 1959. Amended by Laws 1968, c. 239, § 1; Laws 1989, c. 123, § 1, eff. Nov. 1, 1989; Laws 1992, c. 193, § 1, emerg. eff. May 11, 1992; Laws 1994, c. 123, § 1, emerg. eff. May 2, 1994; Laws 2000, c. 192, § 1, eff. July 1, 2000; Laws 2003, c. 305, § 4, emerg. eff. May 28, 2003.