Except as exempted in § 35.07:
(A) All supplies, equipment or contractual services amounting in value to more than the formal bid limit shall be secured by competitive bids and written contract. Notices inviting sealed competitive bids shall be published at least once in a newspaper or journal in the village and at least five days before the final date for submitting of bids. The notices shall state the general description of the article or service to be purchased, where specifications can be obtained and the time and place for the opening of bids. The purchasing agency or department may, in addition, solicit sealed bids from prospective suppliers by sending them copies of the bid forms and specifications to acquaint them with the proposed purchase.
(B) All bids shall be submitted to the Clerk-Treasurer. In cases of construction contracts or purchases involving large sums of money, the Village Council may require that the successful bidder post a surety bond in the amount that it deems proper. The bids shall be opened publicly by the Clerk-Treasurer or designee at the time and place stated in the public notice. After examination and tabulation by the Clerk-Treasurer, all bids may be inspected by the competing bidders. The Village Council may reject any or all bids or the bid for one or more commodities included in the proposed contract, when the public interest will be served thereby, the Village Council may authorize the purchase of the commodities in the open market, provided the price paid in the open market shall not exceed any bid price submitted for the same commodity. Otherwise, the contract shall be awarded by the Village Council on the basis of the bid most advantageous to the village. The Village Council shall take into consideration quality offered with the bid, delivery terms and the service reputation of the vendor in making their award of the contract.