§ 1680-D — Sale of bonds by the authority

New York § 1680-D

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Dormitory Authority
• Art. 8: Miscellaneous Authorities

Text

§ 1680-d. Sale of bonds by the authority. 1. (a) Notwithstanding any\nother provision of law, the bonds of the authority issued pursuant to\nsection one thousand six hundred eighty-b of this chapter shall be sold\nto the bidder offering the lowest true interest cost, taking into\nconsideration any premium or discount not less than four nor more than\nfifteen days, Sundays excepted, after a notice of such sale has been\npublished at least once in a newspaper of general circulation in the\narea served by the authority, which shall state the terms of the sale.\nThe terms of the sale may not change unless notice of such change is\npublished in such newspaper at least one day prior to the date of the\nsale as set forth in the original notice of sale. Advertisements shall\ncontain a provision to the effect that the authority, in its discretion,\nmay reject any or all bids made in pursuance of such advertisements, and\nin the event of such rejection, the authority is authorized to negotiate\na private or public sale or readvertise for bids in the form and manner\nabove described as many times as, in its judgment, may be necessary to\neffect a satisfactory sale.\n (b) Notwithstanding the provisions of paragraph (a) of this\nsubdivision, whenever in the judgment of the authority the interests of\nthe authority will be served thereby, the members of the authority, on\nthe written recommendation of the executive director, may authorize the\nsale of such bonds at private or public sale on a negotiated basis or on\neither a competitive or negotiated basis. The authority shall set\nguidelines governing the terms and conditions of any such private or\npublic sales.\n 2. The private or public bond sale guidelines set by the authority\nshall include, but not be limited to a requirement that where the\ninterests of the state will be served by a private or public sale of\nbonds, the authority shall select underwriters for private or public\nbond sales conducted pursuant to a request for proposal process\nundertaken in accordance with the authority's procurement guidelines\nadopted pursuant to section twenty-eight hundred seventy-nine of this\nchapter from qualified underwriters taking into account, among other\nthings, qualifications of underwriters as to experience, their ability\nto structure and sell authority bond issues, anticipated costs to the\nauthority, the prior experience of the authority with the firm, if any,\nthe capitalization of such firms, participation of qualified minority\nand women-owned business enterprise firms in such private or public\nsales of bonds of the authority and the experience and ability of firms\nunder consideration to work with minority and women-owned business\nenterprises so as to promote and assist participation by such\nenterprises.\n 3. The authority shall have the power from time to time to amend such\nprivate bond sale guidelines in accordance with the provisions of this\nsection.\n 4. No private or public bond sale on a negotiated basis shall be\nconducted by the authority without prior approval of the comptroller.\n 5. The authority shall annually prepare and approve a bond sale report\nwhich shall include the private or public bond sale guidelines as\nspecified in subdivision two of this section, amendments to such\nguidelines since the last private or public bond sale report, an\nexplanation of the bond sale guidelines and amendments, and the results\nof any sale of bonds conducted during the fiscal year. Such bond sale\nreport may be a part of any other annual report that the authority is\nrequired to make.\n 6. (a) The authority shall annually submit its bond sale report to the\ncomptroller and copies thereof to the senate finance committee and the\nassembly ways and means committee.\n (b) The authority shall make available to the public copies of its\nbond sale report upon reasonable request therefor.\n 7. Nothing contained in this section shall be deemed to alter, affect\nthe validity of, modify the terms of or impair any contract or agreement\nmade or entered into in violation of, or without compliance with, the\nprovisions of this section.\n