Section 54.40. Bonds and notes of the city of Yonkers

Subject to the
  provisions of the New York state financial  emergency  act  of  nineteen
  hundred eighty-four for the city of Yonkers, to facilitate the marketing
  of  any  issue of serial bonds or notes of the city of Yonkers issued on
  or  before  June  thirtieth,  two   thousand   ten,   such   city   may,
  notwithstanding  any  limitations  on private sales of bonds provided by
  law, and subject to approval by the state comptroller of the  terms  and
  conditions  of  such sale: (a) arrange for the underwriting of its bonds
  or notes at private sale through negotiated agreement, compensation  for
  such  underwriting  to  be provided by negotiated fee or by sale of such
  bonds or notes to an underwriter at a price of less than the sum of  par
  value  of, and the accrued interest on, such obligations; or (b) arrange
  for the private sale of its bonds or notes through negotiated agreement,
  compensation for such  sales  to  be  provided  by  negotiated  fee,  if
  required.  The  cost  of such underwriting or private placement shall be
  deemed a preliminary cost for purposes of section 11.00 of this article.