§ 1689-b. 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-nine-a of this article 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 definitive trade publication of the
municipal bond industry, which shall state the terms of the sale. The
terms of the sale may not change unless notice of such change is sent
via a definitive trade wire service of the municipal bond industry
which, in general, make available information regarding activity and
sales of municipal bonds. 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 authority shall annually prepare and approve a bond sale
report which shall identify results of any sale of bonds pursuant to
this section 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.

3. The authority shall annually submit such bond sale report to the
comptroller and copies thereof to the senate finance committee and the
assembly ways and means committee and the director of the budget.