N.Y. PBA Law § 1689-B

§ 1689-b. Sale of bonds by the authority. 1. (a) Notwithstanding any\nother provision of law, the bonds of the authority issued pursuant to\nsection one thousand six hundred eighty-nine-a of this article shall be\nsold to the bidder offering the lowest true interest cost, taking into\nconsideration any premium or discount not less than four nor more than\nfifteen days, Sundays excepted, after a notice of such sale has been\npublished at least once in a definitive trade publication of the\nmunicipal bond industry, which shall state the terms of the sale. The\nterms of the sale may not change unless notice of such change is sent\nvia a definitive trade wire service of the municipal bond industry\nwhich, in general, make available information regarding activity and\nsales of municipal bonds. Advertisements shall contain a provision to\nthe effect that the authority, in its discretion, may reject any or all\nbids made in pursuance of such advertisements, and in the event of such\nrejection, the authority is authorized to negotiate a private or public\nsale or readvertise for bids in the form and manner above described as\nmany times as, in its judgment, may be necessary to effect a\nsatisfactory sale.\n (b) Notwithstanding the provisions of paragraph (a) of this\nsubdivision, whenever in the judgment of the authority the interests of\nthe authority will be served thereby, the members of the authority, on\nthe written recommendation of the executive director, may authorize the\nsale of such bonds at private or public sale on a negotiated basis or on\neither a competitive or negotiated basis. The authority shall set\nguidelines governing the terms and conditions of any such private or\npublic sales.\n 2. The authority shall annually prepare and approve a bond sale\nreport which shall identify results of any sale of bonds pursuant to\nthis section conducted during the fiscal year. Such bond sale report may\nbe a part of any other annual report that the authority is required to\nmake.\n 3. The authority shall annually submit such bond sale report to the\ncomptroller and copies thereof to the senate finance committee and the\nassembly ways and means committee and the director of the budget.\n