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This entry was published on 2014-09-22
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SECTION 1009
Contracts negotiated by authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1
§ 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.