(a) No board or officer of the City shall incur any indebtedness or enter into any contract on behalf of the City requiring the payment of money, unless such indebtedness or contract is provided for in the previous appropriations of the Board of Aldermen. Contracts shall not be awarded for an amount in excess of $3,000.00 unless the contract is awarded upon sealed bids submitted as a result of advertising in a local newspaper, or in response to an invitation to bid from the City Purchasing Agent, or Rutland City School Department, or bids invited by the Vermont Agency of Administration, Division of Purchasing, if the Board of Finance determines it is in the best interest of the City of Rutland to participate in the Vermont State bid process. No contract as entered into as aforesaid shall be altered or amended unless such alterations or amendments are reduced to writing in a form satisfactory to the City Attorney and approved by the Mayor. No acceptance of performance of such contact by any officer of the City shall be valid or binding unless the same shall be approved by the Board of Finance. However, contracts of the School Department shall not require the approval of the Mayor and the Board of Finance but shall be approved by a majority vote of the school commissioners.

(b) The Board of Finance is authorized to receive all bids and to make awards on the same, upon consultation with the City Purchasing Agent and the department head involved in the purchase. (Amended 2007, No. M-20 (Adj. Sess.), § 3, eff. May 14, 2008.)