Various State statutes require certain public authorities seeking to sell their notes and bonds at private or negotiated sale to first secure the New York State Comptroller’s approval.
Certain municipalities are authorized to sell their bonds or notes at private sale, regardless of limitations on private sales otherwise in law. New York City, Buffalo, Yonkers, Erie County and Nassau County must secure the Comptroller’s approval of the terms and conditions of their bonds and notes when they are sold at private sale.
The following links contain the Office of the State Comptroller's (OSC) Debt Issuance Approval Policy Statement and Guidelines (“Guidelines”) and Debt Issuance Approval Request Form (“Request Form”). The Guidelines summarize the process and criteria for the State Comptroller's review of the terms and conditions of certain municipal and public authority debt issuances.
Finally, municipalities, school districts and district corporations are authorized to issue bonds to refund all or any portion of an issue of outstanding bonds. Among the requirements imposed by the Local Finance Law (Sections 90.00 and 90.10) is that municipalities, school districts and district corporations secure the Comptroller’s approval of the terms and conditions of certain refunding bonds when sold at private or negotiated sale.