Section 54.70. Cost of sales; city of Niagara Falls, Niagara county

To
  facilitate the marketing of any issue of bonds of the  city  of  Niagara
  Falls,  Niagara  county,  issued  on  or before June thirtieth, nineteen
  hundred ninety-nine, 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 at private  sale  through
  negotiated  agreement, compensation for such underwriting to be provided
  by negotiated fee or by sale of such bonds to an underwriter at a  price
  less  than  the  sum  of par value of, and the accrued interest on, such
  bonds; or
    b. arrange for the  private  sale  of  its  bonds  through  negotiated
  agreement,  compensation for such sale to be provided by negotiated fee,
  if required.
    The cost of any such underwriting or private placement shall be deemed
  a preliminary cost for purposes of section 11.00 of this article.