Section 58:1B-22 - Authority contractsa. The authority is hereby authorized to make and enter into contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers. No contract on behalf of the authority shall be entered into for the doing of any work, or for the hiring of equipment or vehicles, where the sum to be expended exceeds the sum of $25,000 or, after the effective date of P.L. 1999, c. 440, the amount determined pursuant to subsection b. of this section, unless the authority shall first publicly advertise for bids therefor, and shall award the contract to the lowest responsible bidder; but advertising shall not be required where the contract to be entered into is one for the furnishing or performing services of a professional nature, or for the supplying of any product or the rendering of any service by a public utility subject to the jurisdiction of the Board of Public Utilities, and tariffs and schedules of the charges made, charged, or exacted by the public utility for any such products to be supplied or services to be rendered are filed with the board, or when the purchase is to be made through or by the Director of the Division of Purchase and Property pursuant to section 1 of P.L. 1959, c.40 (C.52:27B-56.1), or through a contract made by any of the following: the New Jersey Sports and Exposition Authority established under section 4 of P.L. 1971, c.137 (C.5:10-4); the Hackensack Meadowlands Development Commission established under section 5 of P.L. 1968, c.404 (C.13:17-5); the New Jersey Highway Authority established under section 4 of P.L. 1952, c.16 (C.27:12B-4); the New Jersey Turnpike Authority established under section 3 of P.L. 1948, c.454 (C.27:23-3); the South Jersey Transportation Authority established under section 4 of P.L. 1991, c.252 (C.27:25A-4); the Port Authority of New York and New Jersey established under R.S. 32:1-4; the Delaware River Port Authority established under R.S. 32:3-2; the Higher Education Student Assistance Authority established under N.J.S. 18A:71A-3. This subsection shall not prevent the authority from having any work done by its own employees, nor shall it apply to repairs, or to the furnishing of materials, supplies or labor, or the hiring of equipment or vehicles, when the safety or protection of its or other public property or the public convenience requires, or the exigency of the authority service will not admit of such advertisement. In such case the authority shall, by resolution, passed by the affirmative vote of a majority of its members, declare the exigency or emergency to exist, and set forth in the resolution the nature thereof and the approximate amount to be expended.b. Commencing in the fifth year after the year in which P.L. 1999, c. 440 takes effect, and every five years thereafter, the Governor, in consultation with the Department of the Treasury, shall adjust the threshold amount set forth in subsection a. of this section, or after the effective date of P.L. 1999, c. 440, the threshold amount resulting from any adjustment under this subsection in direct proportion to the rise or fall of the index rate as that term is defined in section 2 of P.L. 1971, c.198 (C.40A:11-2), and shall round the adjustment to the nearest $1,000. The Governor shall, no later than June 1 of every fifth year, notify the authority of the adjustment. The adjustment shall become effective on July 1 of the year in which it is made.L.1981, c.293, s.22; amended 1981, c.509, s.1; 1985, c.469, s.14; 1999 c. 440, s. 88.