Contract Approval. The authority to approve a procurement contract for the Authority, subject to the requirement of §B of this regulation, rests with: The Executive Director for a procurement contract that is less than or equal to $50,000; and The Membership of the Authority for a procurement contract that exceeds $50,000. If the Authority estimates that a solicitation will result in the award of a procurement contract that exceeds $50,000, the Membership of the Authority shall approve the solicitation for the procurement before issuance of the solicitation. A procurement contract is not effective or enforceable against the Authority unless the procurement contract is: Approved as authorized under §A of this regulation; In writing, except as provided in Regulation .06F of this chapter regarding small procurements; and The Executive Director signs the procurement contract or otherwise expresses in writing the Authority’s approval of the procurement contract. The Executive Director shall report to the Membership of the Authority on any procurement contract approved by the Executive Director as authorized under §A(1) of this regulation that is in an amount exceeding $25,000.