New York Laws
Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
60.00 - Sale of Notes.

§ 60.00 Sale of notes. a. Notes may be sold at either public or
private sale, but they shall not be sold on option or on a deferred
payment plan, except as authorized by paragraph a of section 57.00 of
this chapter.

b. Notes may be sold without limitation as to rate of interest, and
for a sum not less than the par value of, and the accrued interest on,
such obligations except as authorized by section 54.10 of this chapter,
and bond anticipation notes of municipalities may be sold to the state
of New York municipal bond bank agency, and in addition by the city of
New York to the municipal assistance corporation for the city of New
York, at such rate or rates of interest as may be agreed upon by and
between the issuer and either of such agencies.

c. Capital notes for one or more specific objects or purposes or
classes of objects or purposes, or a combination thereof, may be sold as
a single capital note issue. Bond anticipation notes for one or more
specific objects or purposes or classes of objects or purposes, or a
combination thereof, may be sold as a single bond anticipation note
issue.

d. If notes are sold at public sale the agency in charge of the sale
may specify the procedure therefor or such agency may adopt as much of
the procedure prescribed for the sale of bonds in sections 57.00 to
59.00, inclusive, of this chapter, as such agency may desire. In all
such sales, however, the agency shall comply with the provisions of
paragraph e of this section. Nothing herein contained shall be construed
to prevent the sale of notes at public auction.

e. The state comptroller shall adopt a rule or order, which he may
amend from time to time, prescribing a procedure for the circularization
of notices for the public sale of notes and which shall also prescribe
such data and information as he may deem advisable to be contained in
such notices. Such rule or order and the amendments thereto shall be
filed in his office and in such other offices as he may designate.