2006 New York Code - Sale Of Bonds By The Authority.

 
    §  1680-d.  Sale of bonds by the authority. 1. (a) Notwithstanding any
  other provision of law, the bonds of the authority  issued  pursuant  to
  section  one thousand six hundred eighty-b of this chapter shall be sold
  to the bidder offering  the  lowest  true  interest  cost,  taking  into
  consideration  any  premium or discount not less than four nor more than
  fifteen days, Sundays excepted, after a notice of  such  sale  has  been
  published  at  least  once  in a newspaper of general circulation in the
  area served by the authority, which shall state the terms of  the  sale.
  The  terms  of  the  sale may not change unless notice of such change is
  published in such newspaper at least one day prior to the  date  of  the
  sale  as  set forth in the original notice of sale. Advertisements shall
  contain a provision to the effect that the authority, in its discretion,
  may reject any or all bids made in pursuance of such advertisements, and
  in the event of such rejection, the authority is authorized to negotiate
  a private or public sale or readvertise for bids in the form and  manner
  above  described  as many times as, in its judgment, may be necessary to
  effect a satisfactory sale.
    (b)  Notwithstanding  the  provisions  of  paragraph   (a)   of   this
  subdivision,  whenever in the judgment of the authority the interests of
  the authority will be served thereby, the members of the  authority,  on
  the  written recommendation of the executive director, may authorize the
  sale of such bonds at private or public sale on a negotiated basis or on
  either a competitive  or  negotiated  basis.  The  authority  shall  set
  guidelines  governing  the  terms  and conditions of any such private or
  public sales.
    2. The private or public bond sale guidelines  set  by  the  authority
  shall  include,  but  not  be  limited  to  a requirement that where the
  interests of the state will be served by a private  or  public  sale  of
  bonds,  the  authority  shall  select underwriters for private or public
  bond  sales  conducted  pursuant  to  a  request  for  proposal  process
  undertaken  at  least  once annually and consideration of proposals from
  qualfied  underwriters  taking  into  account,   among   other   things,
  qualifications  of  underwriters  as  to  experience,  their  ability to
  structure and sell authority  bond  issues,  anticipated  costs  to  the
  authority,  the prior experience of the authority with the firm, if any,
  the capitalization of such firms, participation  of  qualified  minority
  and  women-owned  business  enterprise  firms  in such private or public
  sales of bonds of the authority and the experience and ability of  firms
  under  consideration  to  work  with  minority  and women-owned business
  enterprises  so  as  to  promote  and  assist  participation   by   such
  enterprises.
    3.  The authority shall have the power from time to time to amend such
  private bond sale guidelines in accordance with the provisions  of  this
  section.
    4.  No  private  or  public  bond  sale on a negotiated basis shall be
  conducted by the authority without prior approval of the comptroller.
    5. The authority shall annually prepare and approve a bond sale report
  which shall include the  private  or  public  bond  sale  guidelines  as
  specified  in  subdivision  two  of  this  section,  amendments  to such
  guidelines since the  last  private  or  public  bond  sale  report,  an
  explanation  of the bond sale guidelines and amendments, and the results
  of any sale of bonds conducted during the fiscal year.  Such  bond  sale
  report  may  be  a part of any other annual report that the authority is
  required to make.
    6. (a) The authority shall annually submit its bond sale report to the
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee.
    (b)  The  authority  shall  make available to the public copies of its
  bond sale report upon reasonable request therefor.
    7.  Nothing contained in this section shall be deemed to alter, affect
  the validity of, modify the terms of or impair any contract or agreement
  made or entered into in violation of, or without  compliance  with,  the
  provisions of this section.