Section 54.85. Bonds and notes of the city of Troy

To facilitate the
  marketing of any issue of serial bonds or notes  of  the  city  of  Troy
  issued  on or before December thirty-first, 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  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 accrued interest on, such obligation; 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 chapter. Bonds or notes of the city of Troy  may  also  be
  sold  at  private  sale  to the municipal assistance corporation for the
  city of Troy.