(A) No contract shall be awarded for an amount which exceeds the sum budgeted and appropriated for the procurement by the legislative body of the city. The city shall not award a contract for any procurement when the contract price would exceed the funds appropriated for the procurement by the legislative body.
(B) If all bids received in response to an invitation for bids exceed the amount appropriated for the procurement and sufficient additional funds are not authorized to permit an award to the lowest responsive and responsible bidder, the city shall proceed with competitive negotiations in accordance with KRS 45A.375.
(1986 Code)