N.Y. City of Troy Issuance of Serial Bonds Law § 7

Current through 2024 NY Law Chapters 1-59 and 61-118

Section 7

To facilitate the marketing of such bonds and/or bond anticipation notes authorized to be issued pursuant to this act, the city of Troy may, notwithstanding any limitations on the private sales of bonds provided by law and subject to the approval by the state comptroller of the terms and conditions of such sales:

(a) arrange for the underwriting of such bonds and/or bond anticipation notes at private sale through negotiated fees or by sale of such bonds and/or bond anticipation notes to an underwriter at a price of less than the sum of par value of, and the accrued interest on, such obligations; or

(b) arrange for the private sale of such bonds and/or bond anticipation notes through negotiated agreement, with compensation for such sales to be provided by negotiated agreement and/or negotiated fee, if required

The cost of such underwriting or private placement shall be deemed a preliminary cost for purposes of paragraph a of section 11.00 of the local finance law.

N.Y. City of Troy Issuance of Serial Bonds Law § 7