(A) The Council shall only have power to enter into contracts which, by the terms thereof, will be fully executed within a period of ten years, unless such contracts shall first receive the approval of a majority of the qualified electors of the city voting thereon at a regular or special election. This limitation shall not apply to any contract for services with a public utility or one or more other governmental units, nor to contracts for debt secured by bonds or notes which are permitted to be issued by the city by law.
(B) The city shall not have power to purchase, sell, lease, or dispose of any real estate unless:
(1) The resolution authorizing the sale, lease, or disposal thereof shall be completed in the manner in which it is to be finally passed and has remained on file with the Clerk for public inspection for twenty-five days before the final adoption or passage thereof, and unless,
(2) Such action is approved by the affirmative roll call vote of five or more members of the Council, and unless,
(3) When the proposition is to sell any park, cemetery or any part thereof, except when such park is not required under an official master plan of the city, the proposition to sell, lease, or dispose of the same shall also be approved by a three-fifths vote of the electors of the city voting thereon at any general or special election.
(C) Except as provided by ordinance authorized by Section 15.2 of this chapter, each contract for the construction of public improvements or for the purchase or sale of personal property shall be let after opportunity for competitive bidding. All bids shall be opened in public in the Council room by the Clerk, or by the City Manager, at the time designated in the notice of letting and shall be reported to the Council at its next meeting. The Council may reject any or all bids, if deemed advisable. If, after two or more opportunities for competitive bidding, no bids are received or such bids as were received were not satisfactory to the Council, the Council may either endeavor to obtain new competitive bids or may authorize the City Manager or other proper official of the city to negotiate for a contract in the open market. The second bid herein required may be waived by a vote of five or more members of the Council.
(D) No contract shall be made with any person who is in default to the city.
(E) No extra compensation shall be paid to any agent, employee, or contractor after the service has been rendered or the contract entered into.