New York Laws
Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
59.00 - Bids Opened Publicly; Amendments; Awards.

§ 59.00 Bids opened publicly; amendments; awards. * a. All bids shall
be opened publicly at the time and place stated in the notice of sale,
and not before, and shall be publicly announced. Prior to the time fixed
for such public opening of bids, a sealed bid may be amended by a bidder
by delivery to the official to whom the sealed bid was delivered of a
sealed amendment to such bid. No bid shall be amended by a telegraphic
or telephonic communication, except that an electronic bid may be
amended in the same manner in which it was originally submitted. The
bonds shall be awarded to the bidder offering the lowest interest cost
to the municipality, school district or district corporation, without
taking into consideration any adjustment to be made in accordance with
subdivision two of paragraph c of section 58.00 of this article, as
computed in accordance with the net interest cost method or the
actuarial or true interest cost method.

* NB Effective until June 1, 2028

* a. All bids shall be opened publicly at the time and place stated in
the notice of sale, and not before, and shall be publicly announced.
Prior to the time fixed for such public opening of bids, a sealed bid
may be amended by a bidder by delivery to the official to whom the
sealed bid was delivered of a sealed amendment to such bid. No bid shall
be amended by a telegraphic or telephonic communication. The bonds shall
be awarded to the bidder offering the lowest interest cost to the
municipality, school district or district corporation, without taking
into consideration any adjustment to be made in accordance with
subdivision two of paragraph c of section 58.00 of this article, as
computed in accordance with the net interest cost method or the
actuarial or true interest cost method.

* NB Effective June 1, 2028

b. If it is a condition of the sale of bonds that every bidder may be
required to accept a portion of the whole amount of such bonds for which
he has bid, at the same rate for such portion as may be specified in his
bid for the full amount then any bidder may, in addition, offer to
purchase all or none of such bonds on different terms.

c. When the bidder to whom the bonds are to be awarded has been
ascertained, the municipality, school district or district corporation
shall promptly return all security to the persons furnishing the same,
except the security furnished by such bidder. Such bidder shall be
promptly notified of the award to him or her, and if he or she refuses
or neglects to pay either the agreed price for the bonds less the amount
of any certified check, cashier's check or cash furnished as security,
or the agreed price in full for the bonds if an eligible surety bond or
eligible letter of credit was furnished as security as provided in
subdivision three of paragraph c of section 58.00 of this title, the
security furnished by him or her, in whatever form, shall be forfeited
to and retained by or claimed against or drawn upon by, the
municipality, school district or district corporation as liquidated
damages for such neglect or refusal. However, if the notice of sale
shall contain the statement set forth in paragraph e of section 58.00 of
this title and if prior to the delivery of the bonds any income tax law
of the United States of America shall provide that the interest on such
bonds is taxable, or shall be taxable at a future date, for federal
income tax purposes, then, at the request of such bidder the security
accompanying his or her bid shall be returned to him or her and he or
she shall be relieved of his or her contractual obligations arising from
the acceptance of his or her bid.