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In the event no bid is received below the engineer’s estimate, or if no responsible person shall propose to enter into the contract at a price not exceeding the estimated cost, the engineer shall be authorized to reexamine his estimate. If in the opinion of the city engineer there is no public benefit achieved by rebidding the contract, then the city engineer is authorized to negotiate the contract without rebidding. If in the opinion of the city engineer there is public benefit achieved by revising the engineer’s estimate and rebidding the contract, then the city engineer shall revise or cause to be revised the engineer’s estimate and the contract shall be rebid. (C.O. 80 § 1, 12-1-92; C.O. 45 § 1, 8-6-78; C.O. 17 § 14, 1-30-71.)