| 5.__Use of competitive bidding.__A nonprofit corporation |
formed under this section may enter into contracts for loan |
administration, loan servicing and other substantial operating |
contracts through an open competitive bidding process in |
accordance with this subsection.__The corporation shall adopt |
rules requiring that contracts may not be entered into without |
prior public notice and opportunity for interested persons to |
make proposals, and the corporation may not adopt the rules until |
after providing public notice and opportunity for public comment |
on the proposed rules.__In adopting those rules, the corporation |
shall consider to the extent possible the rules and procedures |
with respect to the competitive bidding process set forth in |
Title 5, chapter 155, subchapter I-A.__Any contract must be |
approved by the board after review of the contract and an |
accompanying fairness opinion prepared by an independent 3rd |
party. |