N.Y. Local Finance Law § 54.70: Cost of sales; city of Niagara Falls, Niagara county

§ 54.70 Cost of sales; city of Niagara Falls, Niagara county. To

facilitate the marketing of any issue of bonds of the city of Niagara

Falls, Niagara county, issued on or before June thirtieth, nineteen

hundred ninety-nine, 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 at private sale through

negotiated agreement, compensation for such underwriting to be provided

by negotiated fee or by sale of such bonds to an underwriter at a price

less than the sum of par value of, and the accrued interest on, such

bonds; or

b. arrange for the private sale of its bonds through negotiated

agreement, compensation for such sale to be provided by negotiated fee,

if required.

The cost of any such underwriting or private placement shall be deemed

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