All purchases with an estimated value of $20,000.00 or less shall be made on the open market without observing the procedure prescribed by section 2-218 for the award of contracts. Purchases of greater than $1,000.00 but less than $5,000.00 will be obtained by soliciting written quotes prior to awarding a contract or purchase order. All purchases exceeding $1,000.00 but not exceeding $5,000.00 shall be approved by the city manager. Except in the case of emergency, the city purchasing agent shall solicit at least three competitive quotes by way of mail, telephone or other suitable means, and the quote of the lowest responsible bidder shall be accepted. The city purchasing agent shall keep a record of all open market purchases and the bids submitted in competition therefor and such records shall be open to public inspection. If the open market purchase sought is less than $1,000.00, the city purchasing agent shall make purchases according to best commercial practice. The purchase of budgeted capital equipment between $5,000.00 and $20,000.00 shall be approved by the city manager.