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

§ 1680-h. Sale of bonds by the authority. 1. Notwithstanding any other

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

sixteen hundred eighty-g of this article 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 definitive trade publication of the municipal bond

industry, which shall state the terms of the sale. The terms of the sale

may not change unless notice of such change is sent via a definitive

trade wire service of the municipal bond industry which in general makes

available information regarding activity in sales of municipal bonds 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 judgement, may be necessary to effect a satisfactory

sale.

2. Notwithstanding the provisions of subdivision one of this section,

whenever in the judgement of the authority the interests of the

authority will be served thereby, the authority 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.