N.Y. Public Authorities Law § 1680-d: Sale of bonds by the authority

§ 1680-d. Sale of bonds by the authority. 1. (a) Notwithstanding any

other provision of law, the bonds of the authority issued pursuant to

section one thousand six hundred eighty-b of this chapter shall be sold

to the bidder offering the lowest true interest cost, taking into

consideration any premium or discount not less than four nor more than

fifteen days, Sundays excepted, after a notice of such sale has been

published at least once in a newspaper of general circulation in the

area served by the authority, which shall state the terms of the sale.

The terms of the sale may not change unless notice of such change is

published in such newspaper at least one day prior to the date of the

sale as set forth in the original notice of sale. Advertisements shall

contain a provision to the effect that the authority, in its discretion,

may reject any or all bids made in pursuance of such advertisements, and

in the event of such rejection, the authority is authorized to negotiate

a private or public sale or readvertise for bids in the form and manner

above described as many times as, in its judgment, may be necessary to

effect a satisfactory sale.

(b) Notwithstanding the provisions of paragraph (a) of this

subdivision, whenever in the judgment of the authority the interests of

the authority will be served thereby, the members of the authority, on

the written recommendation of the executive director, may authorize the

sale of such bonds at private or public sale on a negotiated basis or on

either a competitive or negotiated basis. The authority shall set

guidelines governing the terms and conditions of any such private or

public sales.

2. The private or public bond sale guidelines set by the authority

shall include, but not be limited to a requirement that where the

interests of the state will be served by a private or public sale of

bonds, the authority shall select underwriters for private or public

bond sales conducted pursuant to a request for proposal process

undertaken in accordance with the authority's procurement guidelines

adopted pursuant to section twenty-eight hundred seventy-nine of this

chapter from qualified underwriters taking into account, among other

things, qualifications of underwriters as to experience, their ability

to structure and sell authority bond issues, anticipated costs to the

authority, the prior experience of the authority with the firm, if any,

the capitalization of such firms, participation of qualified minority

and women-owned business enterprise firms in such private or public

sales of bonds of the authority and the experience and ability of firms

under consideration to work with minority and women-owned business

enterprises so as to promote and assist participation by such

enterprises.

3. The authority shall have the power from time to time to amend such

private bond sale guidelines in accordance with the provisions of this

section.

4. No private or public bond sale on a negotiated basis shall be

conducted by the authority without prior approval of the comptroller.

5. The authority shall annually prepare and approve a bond sale report

which shall include the private or public bond sale guidelines as

specified in subdivision two of this section, amendments to such

guidelines since the last private or public bond sale report, an

explanation of the bond sale guidelines and amendments, and the results

of any sale of bonds conducted during the fiscal year. Such bond sale

report may be a part of any other annual report that the authority is

required to make.

6. (a) The authority shall annually submit its bond sale report to the

comptroller and copies thereof to the senate finance committee and the

assembly ways and means committee.

(b) The authority shall make available to the public copies of its

bond sale report upon reasonable request therefor.

7. Nothing contained in this section shall be deemed to alter, affect

the validity of, modify the terms of or impair any contract or agreement

made or entered into in violation of, or without compliance with, the

provisions of this section.