Council shall, by resolution, determine the items which are commonly purchased by the City within a period of one year where the annual cumulative purchase of such items aggregates in excess of one thousand dollars ($1,000) annually. All such items shall be placed on a bid required list and the Purchasing Agent, prior to purchasing any items on such list, shall first determine, by estimate, the aggregate amount of such items as might reasonably be expected to be purchased by the City during the forthcoming year, and shall thereupon cause to be prepared specifications and estimates of the amount, including estimated times of delivery, in order that suppliers of such items can bid thereon. The Purchasing Agent will then take bids on the estimated needs of the City in accordance with Section 210.03. Suppliers bidding on items on the bid required list shall not be required to furnish bid or performance bonds.