§ 1689-D — Bidding requirements

New York § 1689-D

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

Text

§ 1689-d. Bidding requirements. 1. Notwithstanding any other provision\nof law, the bonds of the authority issued pursuant to section one\nthousand six hundred eighty-nine-c of this title shall be sold to the\nbidder offering the lowest true interest cost, taking into consideration\nany premium 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,\nmake available information regarding activity and sales of municipal\nbonds. Advertisements shall contain a provision to the effect that the\nauthority, in its discretion, may reject any or all bids made in\npursuance of such advertisements, and in the event of such rejection,\nthe dormitory authority is authorized to negotiate a private or public\nsale or readvertise for bids in the form and manner above described as\nmany times as, in its judgment, may be necessary to effect a\nsatisfactory sale.\n 2. Notwithstanding the provisions of subdivision one of this section,\nwhenever in the judgment of the authority the interests of the authority\nwill be served thereby, the authority may authorize the sale of such\nbonds at private or public sale on a negotiated basis or on either a\ncompetitive or negotiated basis. The authority shall set guidelines\ngoverning the terms and conditions of any such private or public sales.\n