§ 1680-d. Sale of bonds by the authority. 1. (a) Notwithstanding any
other provision of law, the bonds of the authority issued pursuant to
section one thousand six hundred eighty-b of this chapter shall be sold
to the bidder offering the lowest true interest cost, taking into
consideration any premium or discount not less than four nor more than
fifteen days, Sundays excepted, after a notice of such sale has been
published at least once in a newspaper of general circulation in the
area served by the authority, which shall state the terms of the sale.
The terms of the sale may not change unless notice of such change is
published in such newspaper at least one day prior to the date of the
sale as set forth in the original notice of sale. Advertisements shall
contain a provision to the effect that the authority, in its discretion,
may reject any or all bids made in pursuance of such advertisements, and
in the event of such rejection, the authority is authorized to negotiate
a private or public sale or readvertise for bids in the form and manner
above described as many times as, in its judgment, may be necessary to
effect a satisfactory sale.

(b) Notwithstanding the provisions of paragraph (a) of this
subdivision, whenever in the judgment of the authority the interests of
the authority will be served thereby, the members of the authority, on
the written recommendation of the executive director, may authorize the
sale of such bonds at private or public sale on a negotiated basis or on
either a competitive or negotiated basis. The authority shall set
guidelines governing the terms and conditions of any such private or
public sales.

2. The private or public bond sale guidelines set by the authority
shall include, but not be limited to a requirement that where the
interests of the state will be served by a private or public sale of
bonds, the authority shall select underwriters for private or public
bond sales conducted pursuant to a request for proposal process
undertaken in accordance with the authority's procurement guidelines
adopted pursuant to section twenty-eight hundred seventy-nine of this
chapter from qualified underwriters taking into account, among other
things, qualifications of underwriters as to experience, their ability
to structure and sell authority bond issues, anticipated costs to the
authority, the prior experience of the authority with the firm, if any,
the capitalization of such firms, participation of qualified minority
and women-owned business enterprise firms in such private or public
sales of bonds of the authority and the experience and ability of firms
under consideration to work with minority and women-owned business
enterprises so as to promote and assist participation by such
enterprises.

3. The authority shall have the power from time to time to amend such
private bond sale guidelines in accordance with the provisions of this
section.

4. No private or public bond sale on a negotiated basis shall be
conducted by the authority without prior approval of the comptroller.

5. The authority shall annually prepare and approve a bond sale report
which shall include the private or public bond sale guidelines as
specified in subdivision two of this section, amendments to such
guidelines since the last private or public bond sale report, an
explanation of the bond sale guidelines and amendments, and the results
of any sale of bonds conducted during the fiscal year. Such bond sale
report may be a part of any other annual report that the authority is
required to make.

6. (a) The authority shall annually submit its bond sale report to the
comptroller and copies thereof to the senate finance committee and the
assembly ways and means committee.

(b) The authority shall make available to the public copies of its
bond sale report upon reasonable request therefor.

7. Nothing contained in this section shall be deemed to alter, affect
the validity of, modify the terms of or impair any contract or agreement
made or entered into in violation of, or without compliance with, the
provisions of this section.