N.Y. Local Finance Law § 54.85: Bonds and notes of the city of Troy

§ 54.85. Bonds and notes of the city of Troy. To facilitate the

marketing of any issue of serial bonds or notes of the city of Troy

issued on or before December thirty-first, 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 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 accrued interest on, such obligation; 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 chapter. Bonds or notes of the city of Troy may also be

sold at private sale to the municipal assistance corporation for the

city of Troy.