(1) The authority shall enter into its contracts for major procurements after a competitive and open procurement process. The authority may adopt administrative rules and regulations pursuant to the provisions of this chapter providing for special procedures whereby the authority may make any class of procurement. The authority shall endeavor to ensure the transparency and competitiveness of procurements of all sizes.
(2) In its bidding processes, the authority may do its own bidding and procurement or may utilize the services of other state agencies as appropriate and necessary. The president may declare an emergency for purchasing purposes which shall be governed by the administrative rules and regulations adopted by the board.