2013 New York Consolidated Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5 - (501 - 517) REGIONAL OFF-TRACK BETTING CORPORATIONS
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  fifteen  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.