N.Y. Local Finance Law § 54.40

§ 54.40 Bonds and notes of the city of Yonkers. Subject to the\nprovisions of the New York state financial emergency act of nineteen\nhundred eighty-four for the city of Yonkers, to facilitate the marketing\nof any issue of serial bonds or notes of the city of Yonkers issued on\nor before June thirtieth, two thousand twenty-six, such city may,\nnotwithstanding any limitations on private sales of bonds provided by\nlaw, and subject to approval by the state comptroller of the terms and\nconditions of such sale: (a) arrange for the underwriting of its bonds\nor notes at private sale through negotiated agreement, compensation for\nsuch underwriting to be provided by negotiated fee or by sale of such\nbonds or notes to an underwriter at a price of less than the sum of par\nvalue of, and the accrued interest on, such obligations; or (b) arrange\nfor the private sale of its bonds or notes through negotiated agreement,\ncompensation for such sales to be provided by negotiated fee, if\nrequired. The cost of such underwriting or private placement shall be\ndeemed a preliminary cost for purposes of section 11.00 of this article.\n