N.Y. Comp. Codes R. & Regs. tit. 2 § 39.8
The governing board, or if authorized by the governing board, the chief fiscal officer may solicit alternative quotations for financing from qualified interested parties. The political subdivision or chief fiscal officer, as the case may be, shall prepare and maintain written documentation of compliance with this section, including the names and addresses of all qualified interested parties from which financing quotations were sought, the responses received from such parties and written justification of the ultimate selection made. Any political subdivision which enters into an installment purchase contract pursuant to this section shall not permit certificates of participation to be issued in connection therewith except as part of a pooled or aggregate program.
N.Y. Comp. Codes R. & Regs. Tit. 2 § 39.8