2023 New York Laws › LFN - Local Finance › Article 2 - Local Indebtedness › Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof › 59.00 - Bids Opened Publicly; Amendments; Awards.

§  59.00 Bids opened publicly; amendments; awards. * a. All bids shall
  be opened publicly at the time and place stated in the notice  of  sale,
  and not before, and shall be publicly announced. Prior to the time fixed
  for such public opening of bids, a sealed bid may be amended by a bidder
  by  delivery  to  the official to whom the sealed bid was delivered of a
  sealed amendment to such bid. No bid shall be amended by  a  telegraphic
  or  telephonic  communication,  except  that  an  electronic  bid may be
  amended in the same manner in which it  was  originally  submitted.  The
  bonds  shall  be awarded to the bidder offering the lowest interest cost
  to the municipality, school district or  district  corporation,  without
  taking  into  consideration any adjustment to be made in accordance with
  subdivision two of paragraph c of section  58.00  of  this  article,  as
  computed  in  accordance  with  the  net  interest  cost  method  or the
  actuarial or true interest cost method.
* NB Effective until June 1, 2028
* a. All bids shall be opened publicly at the time and place stated in
  the notice of sale, and not before, and  shall  be  publicly  announced.
  Prior  to  the  time fixed for such public opening of bids, a sealed bid
  may be amended by a bidder by delivery  to  the  official  to  whom  the
  sealed bid was delivered of a sealed amendment to such bid. No bid shall
  be amended by a telegraphic or telephonic communication. The bonds shall
  be  awarded  to  the  bidder  offering  the  lowest interest cost to the
  municipality, school district or district  corporation,  without  taking
  into  consideration  any  adjustment  to  be  made  in  accordance  with
  subdivision two of paragraph c of section  58.00  of  this  article,  as
  computed  in  accordance  with  the  net  interest  cost  method  or the
  actuarial or true interest cost method.
* NB Effective June 1, 2028
b. If it is a condition of the sale of bonds that every bidder may  be
  required to accept a portion of the whole amount of such bonds for which
  he has bid, at the same rate for such portion as may be specified in his
  bid  for  the  full  amount  then  any bidder may, in addition, offer to
  purchase all or none of such bonds on different terms.
c. When the bidder to whom the  bonds  are  to  be  awarded  has  been
  ascertained,  the  municipality, school district or district corporation
  shall promptly return all security to the persons furnishing  the  same,
  except  the  security  furnished  by  such  bidder. Such bidder shall be
  promptly notified of the award to him or her, and if he or  she  refuses
  or neglects to pay either the agreed price for the bonds less the amount
  of  any  certified check, cashier's check or cash furnished as security,
  or the agreed price in full for the bonds if an eligible surety bond  or
  eligible  letter  of  credit  was  furnished  as security as provided in
  subdivision three of paragraph c of section 58.00  of  this  title,  the
  security  furnished  by him or her, in whatever form, shall be forfeited
  to  and  retained  by  or  claimed  against  or  drawn  upon   by,   the
  municipality,  school  district  or  district  corporation as liquidated
  damages for such neglect or refusal. However,  if  the  notice  of  sale
  shall contain the statement set forth in paragraph e of section 58.00 of
  this  title and if prior to the delivery of the bonds any income tax law
  of the United States of America shall provide that the interest on  such
  bonds  is  taxable,  or  shall  be taxable at a future date, for federal
  income tax purposes, then, at the request of such  bidder  the  security
  accompanying  his  or  her bid shall be returned to him or her and he or
  she shall be relieved of his or her contractual obligations arising from
  the acceptance of his or her bid.