N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 507: Contracts of corporations

§ 507. Contracts of corporations. 1. Each corporation shall let

contracts for construction or any other work, including the furnishing

of materials or supplies incident thereto, and contracts for the

purchase or procurement of equipment, materials or supplies: (i) in the

manner provided by law with respect to the letting of such contracts by

counties except that where the estimated expense of a contract does not

exceed thirty-five thousand dollars, such contract may be entered into

without public letting, provided, however, that where the corporation

determines with respect to any contract that it would not be in the

public interest to comply with this section and the governing body of

each county, by resolution, rule or regulation adopted by the vote of

two-thirds of the whole number of votes authorized to be cast by all of

the members of such body, concurs in such determination, then it may

enter into such contract without public letting as authorized by said

resolution, rules and regulations; (ii) in conjunction with one or more

regional off-track betting corporations pursuant to this section; or

(iii) in the manner provided in section six hundred nine of this chapter

if in conjunction with the New York city off-track betting corporation.

2. The corporation may make rules and regulations governing the

qualifications of bidders entering into such a contract where the cost

of such a contract exceeds ten thousand dollars. The bidding may be

restricted to those who shall have qualified prior to the receipt of

bids according to standards fixed by the corporation; provided, however,

that notice or notices for the submission of qualifications shall be

published in a newspaper with a general circulation in the region at

least once, not less than ten days prior to the date fixed for the

filing of qualifications.

3. It shall be a misdemeanor for a director of the corporation or an

officer, agent, executive or other employee retained, employed or

appointed by the corporation to be in any manner or way interested,

directly or indirectly, as principal, surety or otherwise in a contract,

the expense or consideration whereof is payable out of funds of the

corporation.