N.Y. TRY Law § 7

§ 7. To facilitate the marketing of such bonds and/or bond\nanticipation notes authorized to be issued pursuant to this act, the\ncity of Troy may, notwithstanding any limitations on the private sales\nof bonds provided by law and subject to the approval by the state\ncomptroller of the terms and conditions of such sales: (a) arrange for\nthe underwriting of such bonds and/or bond anticipation notes at private\nsale through negotiated fees or by sale of such bonds and/or bond\nanticipation notes to an underwriter at a price of less than the sum of\npar value of, and the accrued interest on, such obligations; or (b)\narrange for the private sale of such bonds and/or bond anticipation\nnotes through negotiated agreement, with compensation for such sales to\nbe provided by negotiated agreement and/or negotiated fee, if required.\nThe cost of such underwriting or private placement shall be deemed a\npreliminary cost for purposes of paragraph a of section 11.00 of the\nlocal finance law.\n