N.Y. PML Law § 507

§ 507. Contracts of corporations. 1. Each corporation shall let\ncontracts for construction or any other work, including the furnishing\nof materials or supplies incident thereto, and contracts for the\npurchase or procurement of equipment, materials or supplies: (i) in the\nmanner provided by law with respect to the letting of such contracts by\ncounties except that where the estimated expense of a contract does not\nexceed thirty-five thousand dollars, such contract may be entered into\nwithout public letting, provided, however, that where the corporation\ndetermines with respect to any contract that it would not be in the\npublic interest to comply with this section and the governing body of\neach county, by resolution, rule or regulation adopted by the vote of\ntwo-thirds of the whole number of votes authorized to be cast by all of\nthe members of such body, concurs in such determination, then it may\nenter into such contract without public letting as authorized by said\nresolution, rules and regulations; (ii) in conjunction with one or more\nregional off-track betting corporations pursuant to this section; or\n(iii) in the manner provided in section six hundred nine of this chapter\nif in conjunction with the New York city off-track betting corporation.\n 2. The corporation may make rules and regulations governing the\nqualifications of bidders entering into such a contract where the cost\nof such a contract exceeds ten thousand dollars. The bidding may be\nrestricted to those who shall have qualified prior to the receipt of\nbids according to standards fixed by the corporation; provided, however,\nthat notice or notices for the submission of qualifications shall be\npublished in a newspaper with a general circulation in the region at\nleast once, not less than ten days prior to the date fixed for the\nfiling of qualifications.\n 3. It shall be a misdemeanor for a director of the corporation or an\nofficer, agent, executive or other employee retained, employed or\nappointed by the corporation to be in any manner or way interested,\ndirectly or indirectly, as principal, surety or otherwise in a contract,\nthe expense or consideration whereof is payable out of funds of the\ncorporation.\n