Section 1689-D. Bidding requirements  


Latest version.
  • 1. Notwithstanding any other provision
      of  law,  the  bonds  of  the  authority  issued pursuant to section one
      thousand six hundred eighty-nine-c of this title 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 dormitory 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.
        2.  Notwithstanding the provisions of subdivision one of this section,
      whenever in the judgment of the authority the interests of the authority
      will be served thereby, the authority 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.