§ 1680-H — Sale of bonds by the authority

New York § 1680-H

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

Text

§ 1680-h. Sale of bonds by the authority. 1. Notwithstanding any other\nprovision of law, the bonds of the authority issued pursuant to section\nsixteen hundred eighty-g of this article shall be sold to the bidder\noffering the lowest true interest cost, taking into consideration any\npremium or discount not less than four nor more than fifteen days,\nSundays excepted, after a notice of such sale has been published at\nleast once in a definitive trade publication of the municipal bond\nindustry, which shall state the terms of the sale. The terms of the sale\nmay not change unless notice of such change is sent via a definitive\ntrade wire service of the municipal bond industry which in general makes\navailable information regarding activity in sales of municipal bonds at\nleast one day prior to the date of the sale as set forth in the original\nnotice of sale. Advertisements shall contain a provision to the effect\nthat the authority, in its discretion, may reject any or all bids made\nin pursuance of such advertisements, and in the event of such rejection,\nthe authority is authorized to negotiate a private or public sale or\nreadvertise for bids in the form and manner above described as many\ntimes as, in its judgement, may be necessary to effect a satisfactory\nsale.\n 2. Notwithstanding the provisions of subdivision one of this section,\nwhenever in the judgement of the authority the interests of the\nauthority will be served thereby, the authority may authorize the sale\nof 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