N.Y. Local Finance Law § 54.40: Bonds and notes of the city of Yonkers

§ 54.40 Bonds and notes of the city of Yonkers. Subject to the

provisions of the New York state financial emergency act of nineteen

hundred eighty-four for the city of Yonkers, to facilitate the marketing

of any issue of serial bonds or notes of the city of Yonkers issued on

or before June thirtieth, two thousand twenty-seven, such city may,

notwithstanding any limitations on private sales of bonds provided by

law, and subject to approval by the state comptroller of the terms and

conditions of such sale: (a) arrange for the underwriting of its bonds

or notes at private sale through negotiated agreement, compensation for

such underwriting to be provided 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; or (b) arrange

for the private sale of its bonds or notes through negotiated agreement,

compensation for such sales to be provided by negotiated fee, if

required. The cost of such underwriting or private placement shall be

deemed a preliminary cost for purposes of section 11.00 of this article.