§ 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.