§ 60.00 — Sale of notes

New York § 60.00

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

Text

§ 60.00 Sale of notes. a. Notes may be sold at either public or\nprivate sale, but they shall not be sold on option or on a deferred\npayment plan, except as authorized by paragraph a of section 57.00 of\nthis chapter.\n b. Notes may be sold without limitation as to rate of interest, and\nfor a sum not less than the par value of, and the accrued interest on,\nsuch obligations except as authorized by section 54.10 of this chapter,\nand bond anticipation notes of municipalities may be sold to the state\nof New York municipal bond bank agency, and in addition by the city of\nNew York to the municipal assistance corporation for the city of New\nYork, at such rate or rates of interest as may be agreed upon by and\nbetween the issuer and either of such agencies.\n c. Capital notes for one or more specific objects or purposes or\nclasses of objects or purposes, or a combination thereof, may be sold as\na single capital note issue. Bond anticipation notes for one or more\nspecific objects or purposes or classes of objects or purposes, or a\ncombination thereof, may be sold as a single bond anticipation note\nissue.\n d. If notes are sold at public sale the agency in charge of the sale\nmay specify the procedure therefor or such agency may adopt as much of\nthe procedure prescribed for the sale of bonds in sections 57.00 to\n59.00, inclusive, of this chapter, as such agency may desire. In all\nsuch sales, however, the agency shall comply with the provisions of\nparagraph e of this section. Nothing herein contained shall be construed\nto prevent the sale of notes at public auction.\n e. The state comptroller shall adopt a rule or order, which he may\namend from time to time, prescribing a procedure for the circularization\nof notices for the public sale of notes and which shall also prescribe\nsuch data and information as he may deem advisable to be contained in\nsuch notices. Such rule or order and the amendments thereto shall be\nfiled in his office and in such other offices as he may designate.\n