N.Y. LFN Law § 54.85

§ 54.85. Bonds and notes of the city of Troy. To facilitate the\nmarketing of any issue of serial bonds or notes of the city of Troy\nissued on or before December thirty-first, nineteen hundred ninety-nine\nsuch city may, notwithstanding any limitations on private sales of bonds\nprovided by law, and subject to approval by the state comptroller of the\nterms and conditions of such sale (a) arrange for the underwriting of\nits bonds or notes at private sale through negotiated agreement,\ncompensation for such underwriting to be provided by negotiated fee or\nby sale of such bonds or notes to an underwriter at a price of less than\nthe sum of par value of, and accrued interest on, such obligation; or\n(b) arrange for the private sale of its bonds or notes through\nnegotiated agreement, compensation for such sales to be provided by\nnegotiated fee, if required. The cost of such underwriting or private\nplacement shall be deemed a preliminary cost for purposes of section\n11.00 of this chapter. Bonds or notes of the city of Troy may also be\nsold at private sale to the municipal assistance corporation for the\ncity of Troy.\n