New York Laws
Title 4 - Dormitory Authority
1680-H - Sale of Bonds by the Authority.

§ 1680-h. Sale of bonds by the authority. 1. Notwithstanding any other
provision of law, the bonds of the authority issued pursuant to section
sixteen hundred eighty-g of this article shall be sold to the bidder
offering the lowest true interest cost, taking into consideration any
premium or discount not less than four nor more than fifteen days,
Sundays excepted, after a notice of such sale has been published at
least once in a definitive trade publication of the municipal bond
industry, which shall state the terms of the sale. The terms of the sale
may not change unless notice of such change is sent via a definitive
trade wire service of the municipal bond industry which in general makes
available information regarding activity in sales of municipal bonds at
least one day prior to the date of the sale as set forth in the original
notice of sale. Advertisements shall contain a provision to the effect
that the authority, in its discretion, may reject any or all bids made
in pursuance of such advertisements, and in the event of such rejection,
the authority is authorized to negotiate a private or public sale or
readvertise for bids in the form and manner above described as many
times as, in its judgement, may be necessary to effect a satisfactory
sale.

2. Notwithstanding the provisions of subdivision one of this section,
whenever in the judgement of the authority the interests of the
authority will be served thereby, the authority may authorize the sale
of such bonds at private or public sale on a negotiated basis or on
either a competitive or negotiated basis. The authority shall set
guidelines governing the terms and conditions of any such private or
public sales.

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