(1) Lease of commodities on state contract. No contract greater than ninety (90) days for the lease of commodities on state contract will be approved unless the State Procurement Director determines in writing that it is in the best interest of the State and states the reason therefore.

(2) All contracts for the lease of a commodity that exceed a cost of twenty thousand dollars ($20,000) but are less than seventy-five thousand dollars ($75,000) during the initial period of the contract will be awarded on the basis of competitive bidding. A purchase option and/or lease renewal is allowed as long as the accumulated expenditure does not exceed seventy-five thousand dollars ($75,000).