Purchases of supplies, materials or equipment, the cost of which is less than one thousand dollars ($1,000), may be made in the open market, but such purchases shall, where practical, be based on at least three competitive bids and shall be awarded to the lowest qualified bidder. "Lowest qualified bidder," as used in this section, means the lowest bidder having qualifications to perform the work, which qualifications are satisfactory to the City. The Purchasing Agent may solicit bids verbally or by telephone, or may contact prospective bidders by written communication. Where bids are solicited by written communication, a request for such bids shall also be posted in the City Hall. A record shall be kept of all open market orders and the bids submitted thereon, which records shall be available for public inspection. Any or all bids may be rejected.