(a) A summary shall be compiled annually by the purchasing agent, within ninety (90) days following the close of the fiscal year, of contracts made under §§ 37-2-21 and 37-2-22 during that preceding fiscal year. The summary shall:
(1) Name each contractor; and
(2) State the amount and type of each contract.
(b) All documentation of contracts made under §§ 37-2-21 and 37-2-22 shall be retained for a period of five (5) years and made available for public inspection.