2006 New York Code - Contracts Of Corporation.

 
    §  609.  Contracts  of  corporation.  1.  The  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
  the city, except that where the estimated expense of a contract does not
  exceed ten 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 board of estimate of  the  city,  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 the
  board of estimate, concurs in such determination, then it may enter into
  such contract without public letting as authorized by  said  resolution,
  rules  and  regulations;  or (ii) in the manner provided in section five
  hundred seven of this chapter,  if  in  conjunction  with  one  or  more
  regional off-track betting corporations.
    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 the official publication of the city and in an  appropriate
  trade journal published in the city, or if no such trade journal exists,
  in  a  newspaper  with a general circulation in the city, 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.