Sec. 39.4. Compliance with competitive bidding statutes or other applicable provisions

No political subdivision shall enter into an installment purchase contract unless and until it has complied with the competitive bidding requirements of article 5-A of the General Municipal Law or of any other general, special or local law. If no such competitive bidding requirements are applicable, the political subdivision shall comply with its procurement policies and procedures adopted pursuant to General Municipal Law, section 104-b. For purposes of complying with such requirements or procedures, a political subdivision may determine to solicit bids, quotations or proposals, as the case may be, in the alternative, exclusive and inclusive, of the cost of financing.