N.Y. Local Finance Law § 54.60

§ 54.60 Cost of sales; city of Utica. To facilitate the marketing of\nany issue of serial bonds of the city of Utica issued on or before March\nthirty-first, nineteen hundred eighty-eight, 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:\n a. arrange for the underwriting of its bonds at private sale through\nnegotiated agreement, compensation for such underwriting to be provided\nby negotiated fee or by sale of such bonds to an underwriter at a price\nof par value or at a discount not to exceed two percent, and the accrued\ninterest on such obligations; or\n b. arrange for the private sale of its bonds through negotiated\nagreement, compensation for such sales to be provided by negotiated fee,\nif required. The cost of such underwriting or private placement shall be\ndeemed a preliminary cost for purposes of section 11.00 of this chapter.\n