§ 7. To facilitate the marketing of such bonds and/or bond
anticipation notes authorized to be issued pursuant to this act, the
city of Troy may, notwithstanding any limitations on the private sales
of bonds provided by law and subject to the approval by the state
comptroller of the terms and conditions of such sales: (a) arrange for
the underwriting of such bonds and/or bond anticipation notes at private
sale through negotiated fees or by sale of such bonds and/or bond
anticipation notes to an underwriter at a price of less than the sum of
par value of, and the accrued interest on, such obligations; or (b)
arrange for the private sale of such bonds and/or bond anticipation
notes through negotiated agreement, with compensation for such sales to
be provided by negotiated agreement and/or negotiated fee, if required.
The cost of such underwriting or private placement shall be deemed a
preliminary cost for purposes of paragraph a of section 11.00 of the
local finance law.