Sec. 14.5. Revenue contracts approval

(a) Under section 112 of the State Finance Law, revenue contracts or agreements of like nature by which a consideration other than the payment of money is given, shall first be approved by the Comptroller and filed in his office. This section applies to all revenue contracts, leases, etc., covering State-owned property either real or personal, regardless of amount.

(b) The consideration, if any, to be received by the State, shall be a fixed or determinable amount of cash, to be paid at a specified time or at specific intervals. If the consideration is other than a fixed sum or a percentage of receipts or profits, an explanatory statement shall accompany the contract.

(c) If the contract involves personal services, provision shall be made for adequate workers' compensation insurance. When such insurance is not required, an explanatory affidavit must be made. Contracts shall also provide for public liability, property damage and fire insurance if the interest of the State requires it. When submitted to the Comptroller, any contract by its terms requiring insurance coverage, or the filing of a surety or faithful performance bond, shall be accompanied by the policies, certificates of insurance and/or bond issued by companies authorized to do business in this State.

(d) Revenue contracts, properly executed and with all supporting documents, shall be submitted for approval at least 30 days prior to their commencement or effective date. Amendments to an existing contract shall be submitted in the same manner as the original. A written statement showing the reasons for any changes from original terms must accompany same.