The Council shall prescribe by resolution a general framework of necessary procedures governing financial and contractual dealings with the City. Such resolution shall include a maximum consideration below which purchases may be made by the City officials and employees either without specific authorization from the Council, or without the necessity of competitive bidding, or both. In addition, such resolution shall include a requirement that in all cases of contract by competitive bidding, the Council shall reserve the right to reject any and all bids submitted, and provisions for such rejection and notices of such right of rejection shall be incorporated in all requests for bids.