N.Y. Public Authorities Law Section 1680-D
Sale of bonds by the authority


1.

(a) Notwithstanding any other provision of law, the bonds of the authority issued pursuant to § 1680-B (Court facilities and combined occupancy structures)section one thousand six hundred eighty-b of this chapter 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 newspaper of general circulation in the area served by the authority, which shall state the terms of the sale. The terms of the sale may not change unless notice of such change is published in such newspaper at least one day prior to the date of the sale as set forth in the original notice of sale. 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 private or public bond sale guidelines set by the authority shall include, but not be limited to a requirement that where the interests of the state will be served by a private or public sale of bonds, the authority shall select underwriters for private or public bond sales conducted pursuant to a request for proposal process undertaken in accordance with the authority’s procurement guidelines adopted pursuant to § 2879 (Procurement contracts)section twenty-eight hundred seventy-nine of this chapter from qualified underwriters taking into account, among other things, qualifications of underwriters as to experience, their ability to structure and sell authority bond issues, anticipated costs to the authority, the prior experience of the authority with the firm, if any, the capitalization of such firms, participation of qualified minority and women-owned business enterprise firms in such private or public sales of bonds of the authority and the experience and ability of firms under consideration to work with minority and women-owned business enterprises so as to promote and assist participation by such enterprises.

3.

The authority shall have the power from time to time to amend such private bond sale guidelines in accordance with the provisions of this section.

4.

No private or public bond sale on a negotiated basis shall be conducted by the authority without prior approval of the comptroller.

5.

The authority shall annually prepare and approve a bond sale report which shall include the private or public bond sale guidelines as specified in subdivision two of this section, amendments to such guidelines since the last private or public bond sale report, an explanation of the bond sale guidelines and amendments, and the results of any sale of bonds 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.

6.

(a) The authority shall annually submit its bond sale report to the comptroller and copies thereof to the senate finance committee and the assembly ways and means committee.

(b)

The authority shall make available to the public copies of its bond sale report upon reasonable request therefor.

7.

Nothing contained in this section shall be deemed to alter, affect the validity of, modify the terms of or impair any contract or agreement made or entered into in violation of, or without compliance with, the provisions of this section.

Source: Section 1680-D — Sale of bonds by the authority, https://www.­nysenate.­gov/legislation/laws/PBA/1680-D (updated Sep. 22, 2014; accessed Jul. 13, 2024).

1675
Short title
1676
Definitions
1676‑A
Payment on authority public work projects
1677
Dormitory Authority
1678
Powers of the authority
1678‑A
New York state design and construction corporation act
1679
Supplemental higher education loan financing program
1679‑A
Health education assistance loan financing program
1679‑B
Equipment loans
1679‑C
The New York higher education loan program
1680
Dormitories at certain educational institutions other than state operated institutions and statutory or contract colleges under the juris...
1680‑A
Judicial facilities in certain counties
1680‑B
Court facilities and combined occupancy structures
1680‑C
Creation of the court facilities capital review board
1680‑D
Sale of bonds by the authority
1680‑E
State university athletic facilities
1680‑F
Roswell Park Cancer Institute development account
1680‑G
Child care facilities development program
1680‑H
Sale of bonds by the authority
1680‑I
Judiciary
1680‑J
New York state higher education capital matching grant board
1680‑J*2
Authorization for the issuance of bonds for the health care efficiency and affordability law for New Yorkers (HEAL NY) capital grant program
1680‑K
Financing of department of agriculture and markets facilities
1680‑L
The special disability fund financing
1680‑M
Cultural education facilities
1680‑N
Acquisition of state buildings and other facilities
1680‑O
Courthouse improvements and training facilities
1680‑P
Longitudinal data system
1680‑Q
State university of New York dormitory facilities
1680‑Q*2
Self-insured bond financing
1680‑R
Authorization for the issuance of bonds for the capital restructuring financing program, the health care facility transformation programs...
1681
Moneys of the authority
1681‑A
Distribution of board materials
1682
Bonds of the authority
1682‑A
Financial monitoring
1683
State not liable on bonds
1684
Bonds legal investments for fiduciaries
1685
Exemptions from taxation
1686
Remedies of bondholders
1686‑A
Security by authority
1687
Members and employees not to profit
1688
Visitation by regents
1689
Board of cooperative educational services school facilities
1689‑A
Public school districts
1689‑B
Sale of bonds by the authority
1689‑C
Capital facility program, authority financing of eligible projects
1689‑D
Bidding requirements
1689‑E
Biomedical facilities program, authority financing of eligible projects
1689‑F
Public school districts
1689‑G
Local government infrastructure
1689‑H
Expedited deployment funding
1689‑I
Library construction
1689‑I*2
Public school districts
1690
Contract of the state
1691
Actions against authority
1693
Title not affected if in part unconstitutional or ineffective
1694
Termination of authority

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 1680-D’s source at nysenate​.gov

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