§47-8  Sale of bonds.  (a)  The director
of finance may make such arrangements as may be necessary or proper for the
sale of each issue of bonds or part thereof as are issued under this chapter,
including, without limitation, arranging for the preparation and printing of
the bonds, the official statement and any other documents or instruments deemed
required for the issuance and sale of bonds and retaining those financial,
accounting, and legal consultants, all upon such terms and conditions as the
director 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 at
competitive 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, public
corporation, or other governmental organization of the State; or of any
political subdivision of the State.



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



(c)  Subject to any limitation imposed by the
governing body by the ordinance or resolution authorizing the bonds, the sale
of the bonds by the director of finance at competitive sale shall be at a price
or prices and upon terms and conditions, and the bonds shall bear interest at a
rate or rates or varying rates determined from time to time in the manner, as
specified by the successful bidder, and the bonds shall be sold in accordance
with this subsection.  The bonds offered at competitive sale shall be sold only
after public notice of sale advising prospective purchasers of the proposed
sale.  The bonds offered at competitive sale may be sold to the bidder offering
to purchase the bonds at the lowest interest cost, the interest cost, for the
purpose of this subsection, being determined on one of the following bases as
selected by the director of finance:



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



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



(3)  Where the interest on the bonds is payable other
than annually or semiannually or will vary from time to time, upon a basis
that, in the opinion of the director of finance, shall result in the lowest
cost to the county;



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



(d)  Bonds offered at competitive sale, without
further action of the governing body, shall bear interest at the rate or rates
specified by the successful bidder or varying rate or rates determined from
time to time in the manner specified by the successful bidder with the consent
of the director of finance.  The notice of sale required by this section shall
be given at least once and at least five days prior to the date of the sale in
the county and in a financial newspaper or newspapers published in any of the
cities of New York, Chicago, or San Francisco, and shall be in a form and
contain terms and conditions that the director of finance shall determine.  The
notice of sale shall comply with the requirements of this section if it merely
advises prospective purchasers of the proposed sale and makes reference to a
detailed notice of sale which is available to the prospective purchasers and
which sets forth the specific details of the bonds and terms and conditions
upon which the bonds are to be offered.  The notice of sale and any detailed
notice of sale may omit the date and time of sale, in which event the date and
time shall be either given in the same manner and medium in which the original
notice of sale was given, or transmitted via electronic communication systems
deemed proper by the director of finance which is generally available to the
financial community, in either case at least forty-eight hours prior to the
time fixed for the sale. [L 1989, c 80, pt of §2; am L 1998, c 2, §15]