§49-5  Sale of revenue bonds.  (a)  Thedirector of finance may make such arrangements as may be necessary or properfor the sale of each issue of revenue bonds or part thereof as are issued underthis chapter, including, without limitation, arranging for the preparation andprinting of the revenue bonds, the official statement and any other documentsor instruments deemed required for the issuance and sale of revenue bonds andretaining such financial, accounting and legal consultants, all upon such termsand conditions as the director of finance deems advisable and in the bestinterest of the county.  The governing body may offer the revenue bonds atcompetitive sale or may negotiate the sale of the revenue bonds to any personor group of persons, to the United States of America, or any board, agency,instrumentality, or corporation thereof, to the employees retirement system ofthe State, to the State or any political subdivision of the State, or to anyboard, agency, instrumentality, public corporation, or other governmentalorganization of the State or of any political subdivision of the State.

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

(c)  The sale of the revenue bonds by thegoverning body at competitive sale shall be at a price or prices and upon termsand conditions, and the revenue bonds shall bear interest at a rate or rates orvarying rates determined from time to time in the manner, as specified by thesuccessful bidders, in which event the revenue bonds shall be sold inaccordance with this subsection.  The revenue bonds offered at competitive saleshall be sold only after public notice of sale advising prospective purchasersof the proposed sale.  The revenue bonds offered at competitive sale may besold to the bidder offering to purchase the revenue bonds at the lowestinterest cost, the interest cost, for the purpose of this subsection, beingdetermined on one of the following bases as selected by the governing body:

(1)  The figure obtained by adding together theamounts of interest payable on the revenue bonds from their dates to theirrespective maturity dates at the rate or rates specified by the bidder anddeducting from the sum obtained the amount of any premium offered by thebidder;

(2)  Where the interest on the revenue bonds ispayable annually, 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 revenue bonds from the dates ofpayment thereof to the date of the revenue bonds and to the price bid (theprice bid for the purpose of this paragraph shall not include the amount ofinterest accrued on the revenue bonds from their date to the date of deliveryand payment); or

(3)  Where the interest on the revenue bonds ispayable other than annually or semiannually or will vary from time to time upona basis that, 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)  Revenue bonds offered at competitive sale,without further action of the governing body, shall bear interest at the rateor rates specified by the successful bidder or at varying rates determined fromtime to time in the manner specified by the successful bidder with the consentof the governing body.  The notice of sale required by this section shall begiven at least once and at least five days prior to the date of the sale in anewspaper or newspapers published in any of the cities of New York, Chicago, orSan Francisco, and shall be in a form and contain terms and conditions that thegoverning body shall determine.  The notice of sale shall comply with therequirements of this section if it merely advises prospective purchasers of theproposed sale and makes reference to a detailed notice of sale which isavailable to the prospective purchasers and which sets forth the specificdetails of the revenue bonds and terms and conditions upon which any revenuebonds are to be offered.  The notice of sale and any detailed notice of salemay omit the date and time of sale, in which event the date and time shall beeither given in the same manner and medium as the original notice ortransmitted via electronic communication systems deemed proper by the governingbody which is generally available to the financial community, in either case atleast forty-eight hours prior to the time fixed for the sale.

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