§ 54.60 Cost of sales; city of Utica. To facilitate the marketing of
any issue of serial bonds of the city of Utica issued on or before March
thirty-first, nineteen hundred eighty-eight, 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 at private sale through
negotiated agreement, compensation for such underwriting to be provided
by negotiated fee or by sale of such bonds to an underwriter at a price
of par value or at a discount not to exceed two percent, and the accrued
interest on such obligations; or

b. arrange for the private sale of its bonds 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.