Section 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.