§ 54.40 Bonds and notes of the city of Yonkers. Subject to the
provisions of the New York state financial emergency act of nineteen
hundred eighty-four for the city of Yonkers, to facilitate the marketing
of any issue of serial bonds or notes of the city of Yonkers issued on
or before June thirtieth, two thousand twenty-four, 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 the accrued interest on, such obligations; 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 article.