N.Y. Local Finance Law § 54.80: Cost of sales; city of Lackawanna

§ 54.80 Cost of sales; city of Lackawanna. To facilitate the

marketing of any issue of serial bonds of the city of Lackawanna

authorized to be issued pursuant to section two of the chapter of the

laws of nineteen hundred ninety which enacted this section, issued for

the purposes of complying with a court ordered assessment reduction,

such city may, on or before March first, nineteen hundred ninety-one,

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 sales:

a. arrange for the underwriting of its bonds at private sale through

negotiated agreement, compensation for services rendered in connection

with such underwriting to be provided by negotiated fee or by sale of

such bonds 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 through negotiated

agreement, compensation for services rendered in connection with such

sales to be provided by negotiated fee or by sale of such bonds at a

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

such obligations. The cost of such underwriting or private placement

shall be deemed a preliminary cost for purposes of section 11.00 of this

chapter.