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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount
Section 37.3 - Negotiated sale of variable rate obligations
Current through Register Vol. 46, No. 39, September 25, 2024
A municipality may sell variable rate obligations at negotiated sale in accordance with either subdivision (a) or (b) of this section.
(a) A municipality may sell variable rate obligations at negotiated sale without the prior approval of the State Comptroller if it complies with, and makes the determinations required by, the policies and procedures contained in section 37.5 of this Part.
(b) A municipality may sell variable rate obligations at negotiated sale pursuant to any provision of the Local Finance Law, other than sections 54.90 and 57.10, that permits the municipality to sell its obligations at negotiated sale. In the event a municipality sells variable rate obligations by means of negotiated sale pursuant to such other provision, it shall in all respects comply with the requirements of that provision but need not comply with the policies and procedures contained in section 37.5 of this Part.
