§ 54.80 — Cost of sales; city of Lackawanna

New York § 54.80

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 4: Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
• Art. 2: Local Indebtedness

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§ 54.80 Cost of sales; city of Lackawanna. To facilitate the\nmarketing of any issue of serial bonds of the city of Lackawanna\nauthorized to be issued pursuant to section two of the chapter of the\nlaws of nineteen hundred ninety which enacted this section, issued for\nthe purposes of complying with a court ordered assessment reduction,\nsuch city may, on or before March first, nineteen hundred ninety-one,\nnotwithstanding any limitations on private sales of bonds provided by\nlaw, and subject to approval by the state comptroller of the terms and\nconditions of such sales:\n a. arrange for the underwriting of its bonds at private sale through\nnegotiated agreement, compensation for services rendered in connection\nwith such underwriting to be provided by negotiated fee or by sale of\nsuch bonds to an underwriter at a price of less than the sum of par\nvalue of, and the accrued interest on, such obligations; or\n b. arrange for the private sale of its bonds through negotiated\nagreement, compensation for services rendered in connection with such\nsales to be provided by negotiated fee or by sale of such bonds at a\nprice of less than the sum of par value of, and accrued interest on,\nsuch obligations. The cost of such underwriting or private placement\nshall be deemed a preliminary cost for purposes of section 11.00 of this\nchapter.\n