N.Y. Public Authorities Law § 1009: Contracts negotiated by authority

§ 1009. Contracts negotiated by authority. Contracts negotiated by the

authority as provided in sub-paragraph five or six of section one

thousand five of this title shall be entered into and executed as

follows:

1. After agreement upon the terms of any such contracts shall have

been reached by the authority and its co-party or co-parties, the

authority shall promptly transmit a copy of such proposed contract to

the governor, the speaker of the assembly, the minority leader of the

assembly, the chairman of the assembly committee on ways and means, the

temporary president of the senate and the minority leader of the senate

and the chairman of the senate finance committee and shall hold a public

hearing or hearings upon the terms thereof. At least thirty days' notice

of such hearing shall be given by publication once in each week during

such period in each of six newspapers within the state to be selected by

the authority. Copies of proposed contracts shall be available for

public inspection during such period of thirty days at the office or

offices of the authority and at such other places throughout the state

as it may designate.

2. Following such public hearing, the authority shall reconsider the

terms of the proposed contract or contracts and shall negotiate such

changes and modifications in the contract or contracts as it then deems

necessary or advisable.

3. When such contract or contracts are finally agreed upon in terms

satisfactory to the authority and its co-party or co-parties, and which

the authority believes to be in the public interest, the authority shall

thereupon report the proposed contract or contracts, together with its

recommendations and the record of the public hearings thereon, to the

speaker of the assembly, the chairman of the assembly committee on ways

and means, the temporary president of the senate, the chairman of the

senate finance committee and the governor. The governor shall, within

sixty days thereafter, indicate his approval or disapproval thereof and

give his reasons therefor.

4. If the governor shall approve such contract, then the same shall be

executed by the chairman and secretary of the authority and it shall

thereupon come into full force and effect and be binding upon the

authority and all other parties thereto in accordance with its terms.