All purchases, including but not limited to contracts and orders for materials, services and supplies performed or furnished in connection with the construction of any project owned by the Authority, shall be awarded in accordance with rules and regulations adopted pursuant to the Administrative Procedure Act, which rules and regulations shall provide, with respect to contracts and orders involving the expenditure of more than $10,000 for award by resolution of the Authority after either competitive bidding or public design competition, and which rules and regulations need not be approved by any other board, agency or department of the State. The Authority’s rules and regulations providing for competitive bidding or public design competition may include competitive sealed bidding, competitive negotiation, and revised bids after competitive sealed bidding where all bids are rejected as methods for source selection and contract formation. The State Finance and Procurement Article does not apply to the Authority.