N.Y. LFN Law § 63.00

§ 63.00 Bond issues of certain amounts. a. When sold at public sale,\nbonds of an issue not exceeding five million dollars, whether of a\nsingle issue or sold as a single issue pursuant to paragraph c of\nsection 57.00 of this chapter, having a maximum maturity of not more\nthan five years measured from the date of the bonds, need not be sold in\naccordance with the requirements of section 58.00 of this chapter for\npublication of the notice of sale but may be sold upon such publication\nor circularization of such notice as shall be prescribed by the state\ncomptroller in the rule or order referred to in paragraph d of section\n57.00 of this chapter.\n b. Bonds of an issue not exceeding five million dollars, whether of a\nsingle issue or sold as a single issue pursuant to paragraph c of\nsection 57.00 of this chapter, may be sold at private sale without\nlimitation as to rate of interest, provided, however, that the total\namount of bonds which may be sold at private sale in any fiscal year of\nthe municipality, school district or district corporation shall not\nexceed five million dollars, and provided further that if such bonds\nhave a maximum maturity of more than ten years measured from the date of\nthe bonds, the issuer shall furnish the purchaser a written opinion,\nsigned by any person regularly admitted to practice as an attorney and\ncounselor in the courts of record of this state, that such bonds have\nbeen duly authorized and issued in accordance with the constitution and\nlaws of this state and are valid and legally binding obligations of the\nissuer. Such legal opinion shall be furnished at the expense of the\nissuer and a duplicate original thereof shall be filed with the officer\nof the issuer who is required to keep a record of such bonds pursuant to\nsection 163.00 of this chapter.\n c. The bonds of any issue which may be sold pursuant to the provisions\nof this section need not have coupons attached in accordance with the\nrequirements of paragraph a of section 55.00 of this chapter but may\nprovide for the payment of interest upon their presentation for notation\nof such payment thereon. Such bonds, if issued without coupons, shall,\nnevertheless, be considered and treated as coupon bonds for the purposes\nof sections 71.00, 72.00 and 75.00 of this chapter, except that upon the\nreconversion of such a bond which has been converted into a registered\nbond, a new bond may be issued in substantially the same form and tenor\nas originally issued, or with coupons, as the holder may request.\n