This text of New York § 54.10 (Bonds and notes of the city of New York; certain provisions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 54.10 Bonds and notes of the city of New York; certain provisions.\nSubject to the provisions of the financial emergency act for the city of\nNew York but notwithstanding any other law to the contrary:\n (a) To facilitate the marketing of any issue of bonds or notes of the\ncity of New York issued on or before June thirtieth, two thousand\ntwenty-six, the mayor and comptroller of such city may, subject to the\napproval of the state comptroller and the limitations on private sales\nof bonds and notes, respectively, provided by law:\n (i) arrange for the underwriting of its bonds or notes through\nnegotiated agreement or public letting, and provide for compensation for\nservices rendered in connection with such underwriting by negotiated fee\nor by sale of such bonds or notes to an und
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§ 54.10 Bonds and notes of the city of New York; certain provisions.\nSubject to the provisions of the financial emergency act for the city of\nNew York but notwithstanding any other law to the contrary:\n (a) To facilitate the marketing of any issue of bonds or notes of the\ncity of New York issued on or before June thirtieth, two thousand\ntwenty-six, the mayor and comptroller of such city may, subject to the\napproval of the state comptroller and the limitations on private sales\nof bonds and notes, respectively, provided by law:\n (i) arrange for the underwriting of its bonds or notes through\nnegotiated agreement or public letting, and provide for compensation for\nservices rendered in connection with such underwriting by negotiated fee\nor by sale of such bonds or notes to an underwriter at a price of less\nthan the sum of par value of, and the accrued interest on, such\nobligations;\n (ii) arrange for the private sale of its bonds or notes through\nnegotiated agreement, and provide for compensation for services rendered\nin connection with such sales by negotiated fee or by sale of such bonds\nor notes at a price of less than the sum of par value of, and the\naccrued interest on, such obligations;\n (iii) provide for redemption of its bonds or notes on such date or\ndates prior to the date of their maturity at a price or prices and\npursuant to such terms as may be determined by the city at the time of\nthe issuance thereof, notwithstanding any limitation set forth in\nsection 53.00 of this chapter. The cost of such underwriting or private\nplacement together with other costs of the issuance of obligations,\nshall be deemed a part of the cost of the objects or purposes financed\nby an issue of obligations.\n (b) Without further approval the mayor and comptroller of the city of\nNew York may provide for or enter into agreements which provide for the\npayment of a guarantee fee or any other amounts required by the United\nStates of America or any agency or instrumentality thereof in connection\nwith any guarantee of the payment of the principal of or interest on\nbonds or notes issued by such city or the municipal assistance\ncorporation for the city of New York.\n (c) Without further approval the mayor and comptroller of the city of\nNew York may provide for or enter into agreements which provide for the\npayment of compensation by negotiated fee or otherwise to a financial\nadvisor to such city engaged pursuant to any agreement with the\nsecretary of the Treasury in connection with the guarantee by the United\nStates of America or any agency or instrumentality thereof of the\nprincipal of or interest on bonds or notes issued by such city or the\nmunicipal assistance corporation for the city of New York or to enhance\nthe city's ability to market its obligations to the public.\n (d) Without further approval the mayor and the comptroller of the city\nof New York may provide for or enter into agreements which provide for\nthe compensation by negotiated fee or otherwise of a trust company or\nbank having the powers of a trust company in the state of New York to\nhold, maintain and administer funds in accordance with the provisions of\nsection nine-a of the New York state financial emergency act for the\ncity of New York.\n (e) Without further approval the mayor and the comptroller of the city\nof New York may provide for or enter into agreements which provide for\nthe payment of any amount required in exchange for a commitment to\npurchase bonds or notes of the city, and in addition may enter into\nagreements upon such terms, including but not limited to terms governing\npayment, redemption and refunding, as they deem reasonable and\nappropriate to facilitate the issuance and sale of notes with an\ninterest rate which may vary pursuant to section 60.00 of this chapter.\n