New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter II - Municipal Affairs
Subchapter A - Sales Of Bonds And Notes; Debt Statements
Part 27 - Requirements For The Preparation And Filing Of Official Statements
Section 27.2 - Requirement of an official statement

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 27.2

Current through Register Vol. 46, No. 39, September 25, 2024

(a) An official statement shall be required as provided in this Part for each public sale, under section 57.00 or 60.00 of the Local Finance Law, of obligations in excess of a principal amount of $500,000, by a municipality, school district or district corporation.

(b) The State Comptroller may determine upon application, with respect to a particular sale of obligations, that compliance in whole or in part with the requirements of this Part is not necessary or appropriate in the public interest.

(c) Failure to comply with any requirement of this Part or of section 25.6(f) or 26.4(e) of this Subchapter shall not affect the validity of any obligations, shall not create any rights in any person, and shall not serve as the basis for any claim, action or proceeding by any person.

(d) If a preliminary official statement is issued, it shall be subject to the requirements of this Part relating to the content of an official statement and the filing of a preliminary official statement.

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