§47-8  Sale of bonds.  (a)  The directorof finance may make such arrangements as may be necessary or proper for thesale of each issue of bonds or part thereof as are issued under this chapter,including, without limitation, arranging for the preparation and printing ofthe bonds, the official statement and any other documents or instruments deemedrequired for the issuance and sale of bonds and retaining those financial,accounting, and legal consultants, all upon such terms and conditions as thedirector of finance deems advisable and in the best interest of the county. The governing body may authorize the director of finance to offer the bonds atcompetitive sale or to negotiate the sale of the bonds to:

(1)  Any person or group of persons;

(2)  The United States of America, or any board,agency, instrumentality, or corporation thereof;

(3)  The employees retirement system of the State;

(4)  Any political subdivision of the State;

(5)  Any board, agency, instrumentality, publiccorporation, or other governmental organization of the State; or of anypolitical subdivision of the State.

(b)  Subject to any limitation imposed by thegoverning body by the ordinance or resolution authorizing the bonds, the saleof the bonds by the director of finance by negotiation shall be at such priceor prices and upon such terms and conditions, and the bonds shall bear interestat such rate or rates or such varying rates determined from time to time insuch manner, as the director of finance shall approve.

(c)  Subject to any limitation imposed by thegoverning body by the ordinance or resolution authorizing the bonds, the saleof the bonds by the director of finance at competitive sale shall be at a priceor prices and upon terms and conditions, and the bonds shall bear interest at arate or rates or varying rates determined from time to time in the manner, asspecified by the successful bidder, and the bonds shall be sold in accordancewith this subsection.  The bonds offered at competitive sale shall be sold onlyafter public notice of sale advising prospective purchasers of the proposedsale.  The bonds offered at competitive sale may be sold to the bidder offeringto purchase the bonds at the lowest interest cost, the interest cost, for thepurpose of this subsection, being determined on one of the following bases asselected by the director of finance:

(1)  The figure obtained by adding together theamounts of interest payable on the bonds from their date to their respectivematurity dates at the rate or rates specified by the bidder and deducting fromthe sum obtained the amount of any premium offered by the bidder;

(2)  Where the interest on the bonds is payableannually, the annual interest rate (compounded annually), or, where theinterest on the bonds is payable semiannually, the rate obtained by doublingthe semiannual interest rate (compounded semiannually), necessary to discountthe principal and interest payments on the bonds from the dates of paymentthereof to the date of the bonds and to the price bid (the price bid for thepurpose of this paragraph shall not include the amount of interest accrued onthe bonds from their date to the date of delivery and payment); or

(3)  Where the interest on the bonds is payable otherthan annually or semiannually or will vary from time to time, upon a basisthat, in the opinion of the director of finance, shall result in the lowestcost to the county;

provided that in any case the right shall bereserved to reject any or all bids and waive any irregularity or informality inany bid.

(d)  Bonds offered at competitive sale, withoutfurther action of the governing body, shall bear interest at the rate or ratesspecified by the successful bidder or varying rate or rates determined fromtime to time in the manner specified by the successful bidder with the consentof the director of finance.  The notice of sale required by this section shallbe given at least once and at least five days prior to the date of the sale inthe county and in a financial newspaper or newspapers published in any of thecities of New York, Chicago, or San Francisco, and shall be in a form andcontain terms and conditions that the director of finance shall determine.  Thenotice of sale shall comply with the requirements of this section if it merelyadvises prospective purchasers of the proposed sale and makes reference to adetailed notice of sale which is available to the prospective purchasers andwhich sets forth the specific details of the bonds and terms and conditionsupon which the bonds are to be offered.  The notice of sale and any detailednotice of sale may omit the date and time of sale, in which event the date andtime shall be either given in the same manner and medium in which the originalnotice of sale was given, or transmitted via electronic communication systemsdeemed proper by the director of finance which is generally available to thefinancial community, in either case at least forty-eight hours prior to thetime fixed for the sale. [L 1989, c 80, pt of §2; am L 1998, c 2, §15]