Except as exempted in § 35.07:
(A) All purchases of supplies, equipment or contractual services, the estimated cost of which is less than the formal bid limit, may be made in the open market; without newspaper advertisement and without the necessity of observing the procedure prescribed in § 35.03 for the award of the contracts.
(B) All open market purchases shall, whenever possible, be based on at least three competitive quotes and shall be awarded on the basis of the quote most advantageous to the village. The purchasing agent shall keep a record of all open market orders and the records shall also be open to public inspection.