New York Laws
Title 4 - Dormitory Authority
1689-D - Bidding Requirements.

§ 1689-d. Bidding requirements. 1. Notwithstanding any other provision
of law, the bonds of the authority issued pursuant to section one
thousand six hundred eighty-nine-c of this title 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,
make available information regarding activity and sales of municipal
bonds. 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 dormitory 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 judgment, may be necessary to effect a
satisfactory sale.

2. Notwithstanding the provisions of subdivision one of this section,
whenever in the judgment 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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