New York Laws
Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
54.10 - Bonds and Notes of the City of New York; Certain Provisions.

(a) To facilitate the marketing of any issue of bonds or notes of the
city of New York issued on or before June thirtieth, two thousand
twenty-four, the mayor and comptroller of such city may, subject to the
approval of the state comptroller and the limitations on private sales
of bonds and notes, respectively, provided by law:
(i) arrange for the underwriting of its bonds or notes through
negotiated agreement or public letting, and provide for compensation for
services rendered in connection with such underwriting by negotiated fee
or by sale of such bonds or notes to an underwriter at a price of less
than the sum of par value of, and the accrued interest on, such
obligations;
(ii) arrange for the private sale of its bonds or notes through
negotiated agreement, and provide for compensation for services rendered
in connection with such sales by negotiated fee or by sale of such bonds
or notes at a price of less than the sum of par value of, and the
accrued interest on, such obligations;
(iii) provide for redemption of its bonds or notes on such date or
dates prior to the date of their maturity at a price or prices and
pursuant to such terms as may be determined by the city at the time of
the issuance thereof, notwithstanding any limitation set forth in
section 53.00 of this chapter. The cost of such underwriting or private
placement together with other costs of the issuance of obligations,
shall be deemed a part of the cost of the objects or purposes financed
by an issue of obligations.
(b) Without further approval the mayor and comptroller of the city of
New York may provide for or enter into agreements which provide for the
payment of a guarantee fee or any other amounts required by the United
States of America or any agency or instrumentality thereof in connection
with any guarantee of the payment of the principal of or interest on
bonds or notes issued by such city or the municipal assistance
corporation for the city of New York.
(c) Without further approval the mayor and comptroller of the city of
New York may provide for or enter into agreements which provide for the
payment of compensation by negotiated fee or otherwise to a financial
advisor to such city engaged pursuant to any agreement with the
secretary of the Treasury in connection with the guarantee by the United
States of America or any agency or instrumentality thereof of the
principal of or interest on bonds or notes issued by such city or the
municipal assistance corporation for the city of New York or to enhance
the city's ability to market its obligations to the public.
(d) Without further approval the mayor and the comptroller of the city
of New York may provide for or enter into agreements which provide for
the compensation by negotiated fee or otherwise of a trust company or
bank having the powers of a trust company in the state of New York to
hold, maintain and administer funds in accordance with the provisions of
section nine-a of the New York state financial emergency act for the
city of New York.
(e) Without further approval the mayor and the comptroller of the city
of New York may provide for or enter into agreements which provide for
the payment of any amount required in exchange for a commitment to
purchase bonds or notes of the city, and in addition may enter into
agreements upon such terms, including but not limited to terms governing
payment, redemption and refunding, as they deem reasonable and
appropriate to facilitate the issuance and sale of notes with an
interest rate which may vary pursuant to section 60.00 of this chapter.