2023 New York Laws › LFN - Local Finance › Article 2 - Local Indebtedness › Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof › 54.10 - Bonds and Notes of the City of New York; Certain Provisions.

§  54.10  Bonds and notes of the city of New York; certain provisions.
Subject to the provisions of the financial emergency act for the city of
New York but notwithstanding any other law to the contrary:
(a) To facilitate the marketing of any issue of bonds or notes of  the
city  of  New  York  issued  on  or  before June thirtieth, two thousand
twenty-four, the mayor and comptroller of such city may, subject to  the
approval  of  the state comptroller and the limitations on private sales
of bonds and notes, respectively, provided by law:
(i) arrange for  the  underwriting  of  its  bonds  or  notes  through
negotiated agreement or public letting, and provide for compensation for
services rendered in connection with such underwriting by negotiated fee
or  by  sale of such bonds or notes to an underwriter at a price of less
than the sum of  par  value  of,  and  the  accrued  interest  on,  such
obligations;
(ii)  arrange  for  the  private  sale  of  its bonds or notes through
negotiated agreement, and provide for compensation for services rendered
in connection with such sales by negotiated fee or by sale of such bonds
or notes at a price of less than the  sum  of  par  value  of,  and  the
accrued interest on, such obligations;
(iii)  provide  for  redemption  of its bonds or notes on such date or
dates prior to the date of their maturity  at  a  price  or  prices  and
pursuant  to  such terms as may be determined by the city at the time of
the issuance  thereof,  notwithstanding  any  limitation  set  forth  in
section  53.00 of this chapter. The cost of such underwriting or private
placement together with other costs  of  the  issuance  of  obligations,
shall  be  deemed a part of the cost of the objects or purposes financed
by an issue of obligations.
(b) Without further approval the mayor and comptroller of the city  of
New  York may provide for or enter into agreements which provide for the
payment of a guarantee fee or any other amounts required by  the  United
States of America or any agency or instrumentality thereof in connection
with  any  guarantee  of  the payment of the principal of or interest on
bonds  or  notes  issued  by  such  city  or  the  municipal  assistance
corporation for the city of New York.
(c)  Without further approval the mayor and comptroller of the city of
New York may provide for or enter into agreements which provide for  the
payment  of  compensation  by negotiated fee or otherwise to a financial
advisor to  such  city  engaged  pursuant  to  any  agreement  with  the
secretary of the Treasury in connection with the guarantee by the United
States  of  America  or  any  agency  or  instrumentality thereof of the
principal of or interest on bonds or notes issued by such  city  or  the
municipal  assistance corporation for the city of New York or to enhance
the city's ability to market its obligations to the public.
(d) Without further approval the mayor and the comptroller of the city
of New York may provide for or enter into agreements which  provide  for
the  compensation  by  negotiated fee or otherwise of a trust company or
bank having the powers of a trust company in the state of  New  York  to
hold, maintain and administer funds in accordance with the provisions of
section  nine-a  of  the  New York state financial emergency act for the
city of New York.
(e) Without further approval the mayor and the comptroller of the city
of New York may provide for or enter into agreements which  provide  for
the  payment  of  any  amount  required  in exchange for a commitment to
purchase bonds or notes of the city, and  in  addition  may  enter  into
agreements upon such terms, including but not limited to terms governing
payment,   redemption   and  refunding,  as  they  deem  reasonable  and
appropriate to facilitate  the  issuance  and  sale  of  notes  with  an
interest rate which may vary pursuant to section 60.00 of this chapter.