§ 54.85. Bonds and notes of the city of Troy. To facilitate the
marketing of any issue of serial bonds or notes of the city of Troy
issued on or before December thirty-first, nineteen hundred ninety-nine
such city may, notwithstanding any limitations on private sales of bonds
provided by law, and subject to approval by the state comptroller of the
terms and conditions of such sale (a) arrange for the underwriting of
its bonds or notes at private sale through negotiated agreement,
compensation for such underwriting to be provided by negotiated fee or
by sale of such bonds or notes to an underwriter at a price of less than
the sum of par value of, and accrued interest on, such obligation; or
(b) arrange for the private sale of its bonds or notes through
negotiated agreement, compensation for such sales to be provided by
negotiated fee, if required. The cost of such underwriting or private
placement shall be deemed a preliminary cost for purposes of section
11.00 of this chapter. Bonds or notes of the city of Troy may also be
sold at private sale to the municipal assistance corporation for the
city of Troy.