1.  Any new, extended or modified collective bargaining agreement or similar agreement between the Executive Department and an exclusive representative must be approved by the State Board of Examiners at a public hearing.

2.  Not less than 3 business days before the date of the hearing, the State Board of Examiners shall cause the following documents to be posted and made available for downloading on the Internet website used by the State Board of Examiners to provide public notice of its meetings:

(a) The proposed agreement and any exhibits or other attachments to the proposed agreement;

(b) If the proposed agreement is a modification of a previous agreement, a document showing any language added to or deleted from the previous agreement; and

(c) Any supporting material prepared for the governing body and relating to the fiscal impact of the agreement.

3.  At the hearing, the State Board of Examiners shall consider the fiscal impact of the agreement.