The contracts for the erection of new school buildings, additions and repairs to old buildings, except additions or repairs not exceeding seven thousand five hundred dollars ($7,500), shall be made by the board of education with the lowest and best responsible bidder complying with the terms of the letting, after advertisement for competitive bids pursuant to KRS Chapter 424, but t he board may reject any or all bids. All necessary specifications and drawings shall be prepared for all such work. The board shall advertise for bids on all supplies and equipment that it desires to purchase, except where the amount of the purchase does n ot exceed seven thousand five hundred dollars ($7,500), and shall accept the bid of the lowest and best bidder taking into consideration the price and the reciprocal preference for resident bidders under KRS 45A.494, but the board may reject any and all bids.
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