§49-5  Sale of revenue bonds.  (a)  The
director of finance may make such arrangements as may be necessary or proper
for the sale of each issue of revenue bonds or part thereof as are issued under
this chapter, including, without limitation, arranging for the preparation and
printing of the revenue bonds, the official statement and any other documents
or instruments deemed required for the issuance and sale of revenue bonds and
retaining such 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 offer the revenue bonds at
competitive sale or may negotiate the sale of the revenue bonds to any person
or group of persons, to the United States of America, or any board, agency,
instrumentality, or corporation thereof, to the employees retirement system of
the State, to the State or any political subdivision of the State, or to any
board, agency, instrumentality, public corporation, or other governmental
organization of the State or of any political subdivision of the State.



(b)  The sale of the revenue bonds by the
governing body by negotiation shall be at such price or prices and upon such
terms and conditions, and the revenue bonds shall bear interest at such rate or
rates or such varying rates determined from time to time in such manner, as the
governing body shall approve.



(c)  The sale of the revenue bonds by the
governing body at competitive sale shall be at a price or prices and upon terms
and conditions, and the revenue 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 bidders, in which event the revenue bonds shall be sold in
accordance with this subsection.  The revenue bonds offered at competitive sale
shall be sold only after public notice of sale advising prospective purchasers
of the proposed sale.  The revenue bonds offered at competitive sale may be
sold to the bidder offering to purchase the revenue 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 governing body:



(1)  The figure obtained by adding together the
amounts of interest payable on the revenue bonds from their dates 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 revenue 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 revenue bonds from the dates of
payment thereof to the date of the revenue 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 revenue bonds from their date to the date of delivery
and payment); or



(3)  Where the interest on the revenue 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)  Revenue 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 at varying rates determined from
time to time in the manner specified by the successful bidder with the consent
of the governing body.  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 a
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
governing body 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 revenue bonds and terms and conditions upon which any revenue
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 as the original notice or
transmitted via electronic communication systems deemed proper by the governing
body which is generally available to the financial community, in either case at
least forty-eight hours prior to the time fixed for the sale.



(e)  A governing body may delegate the
responsibility for any or all of the determinations or actions under this
chapter to the director of finance. [L 1989, c 80, pt of §3; am L 1998, c 2,
§17]