Be it further enacted, that any public work or improvement costing more than five thousand dollars ($5,000), shall be executed by contract, except when a specific work or improvement is authorized by the City Council to be done by the City's own employees.
All contracts for more than five thousand dollars ($5,000) shall be awarded to the lowest or best responsible bidder, after such publication, advertisement, and competition, as may be prescribed by ordinance; but no contract for any public work or improvement shall be awarded except on condition the contractor gives bond with some bonding company authorized to transact business in the State of Tennessee as surety, in a sum equal to at least one hundred percent (100%) of the contract price of the particular work or improvement, for the faithful performance of such contract.
But the City Council shall have the power to reject all of the bids and to perform the work with City's own forces and all advertisements shall contain a reservation of this right. (As amended by Priv. Acts 1995, ch. 55, sec. 2 and Priv. Acts 2014, ch. 55, sec. 1)