This bill mandates that the State Treasurer, in collaboration with the State Comptroller, establish rules and regulations that outline best practices for the procurement of goods and services through contracts awarded by independent State authorities. The bill defines "independent State authority" and "regional authority," and stipulates that all contracts made by these authorities must adhere to the newly adopted regulations, which emphasize transparency, competition, and accountability in the bidding process. Specific practices include ensuring a broad pool of bidders, clear statements of work, merit-based evaluation criteria, and thorough documentation of the evaluation process.

Additionally, the bill outlines exceptions to these regulations for certain circumstances, such as emergencies, single vendor availability, or when federal or state law dictates a different process. It also requires that any invocation of these exceptions be justified in a proposed resolution. The State Treasurer is tasked with reviewing these regulations every two years to ensure they remain aligned with current best practices. The bill is designed to enhance the integrity and efficiency of the contracting process within independent State authorities, reflecting recommendations from a 2010 report by the State Comptroller.