Section 1689-B. Sale of bonds by the authority

1. (a) Notwithstanding any
  other provision of law, the bonds of the authority  issued  pursuant  to
  section  one thousand six hundred eighty-nine-a of this article shall be
  sold to the bidder offering the lowest true interest cost,  taking  into
  consideration  any  premium or discount not less than four nor more than
  fifteen days, Sundays excepted, after a notice of  such  sale  has  been
  published  at  least  once  in  a  definitive  trade  publication of the
  municipal bond industry, which shall state the terms of the sale.    The
  terms  of  the  sale may not change unless notice of such change is sent
  via a definitive trade wire  service  of  the  municipal  bond  industry
  which,  in  general,  make  available information regarding activity and
  sales of municipal bonds.  Advertisements shall contain a  provision  to
  the  effect that the authority, in its discretion, may reject any or all
  bids made in pursuance of such advertisements, and in the event of  such
  rejection,  the authority is authorized to negotiate a private or public
  sale or readvertise for bids in the form and manner above  described  as
  many   times  as,  in  its  judgment,  may  be  necessary  to  effect  a
  satisfactory sale.
    (b)  Notwithstanding  the  provisions  of  paragraph   (a)   of   this
  subdivision,  whenever in the judgment of the authority the interests of
  the authority will be served thereby, the members of the  authority,  on
  the  written recommendation of the executive director, may authorize the
  sale of such bonds at private or public sale on a negotiated basis or on
  either a competitive  or  negotiated  basis.  The  authority  shall  set
  guidelines  governing  the  terms  and conditions of any such private or
  public sales.
    2.   The authority shall annually prepare  and  approve  a  bond  sale
  report  which  shall  identify  results of any sale of bonds pursuant to
  this section conducted during the fiscal year. Such bond sale report may
  be a part of any other annual report that the authority is  required  to
  make.
    3.    The authority shall annually submit such bond sale report to the
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee and the director of the budget.