All construction contracts by the authority where the amount of the contract shall exceed One Thousand Dollars ($1,000.00) shall be made upon at least three (3) weeks’ public notice by advertisement in a newspaper of general circulation in the area, which notice shall state the thing to be done and invite sealed proposals, to be filed with the secretary of the authority, to do the work; and in all such cases, before the notice shall be published, the plans and specifications for the work shall be filed with the secretary of the authority and there remain; and the board of trustees of the authority shall award the contract to the lowest bidder who will comply with the terms imposed by such trustees and enter into bond with sufficient sureties to be approved by the trustees in such penalty as shall be fixed by the trustees, but in no case to be less than the contract price, conditioned for the prompt, proper and efficient performance of the contract.
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