2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4 - Dormitory Authority › 1680-D - Sale of Bonds by the Authority.

§  1680-d.  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-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 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.