N.Y. Local Finance Law § 54.70

§ 54.70 Cost of sales; city of Niagara Falls, Niagara county. To\nfacilitate the marketing of any issue of bonds of the city of Niagara\nFalls, Niagara county, issued on or before June thirtieth, nineteen\nhundred ninety-nine, such city may, notwithstanding any limitations on\nprivate sales of bonds provided by law and subject to approval by the\nstate comptroller of the terms and conditions 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\nless than the sum of par value of, and the accrued interest on, such\nbonds; or\n b. arrange for the private sale of its bonds through negotiated\nagreement, compensation for such sale to be provided by negotiated fee,\nif required.\n The cost of any such underwriting or private placement shall be deemed\na preliminary cost for purposes of section 11.00 of this article.\n