Sec. 107.4. Competitive sale

The Comptroller may determine it to be in the interests of the State to effect a sale of COPS on a competitive basis to the bidder offering the State the best financial terms. Such a sale must take place not less than 2 nor more than 15 days, Saturdays, Sundays and holidays excepted, after a notice of such sale has been published at least once in a definitive trade publication of the municipal bond industry published on each business day in the State of New York which is generally available to participants in the municipal bond industry, which notice shall state the terms of the sale. The Comptroller may not change the terms of the sale unless notice of such change is sent via a definitive trade wire service of the municipal bond industry which, in general, makes available information regarding activity and sales of municipal bonds, and is generally available to participants in the municipal bond industry, at least one day prior to the date of the sale as set forth in the original notice of sale. Notwithstanding the foregoing the Comptroller may postpone the sale at any time prior to such sale, provided such notice of postponement is sent via a definitive trade wire service of the municipal bond industry described herein. In so changing the terms or date of a sale the Comptroller may send notice by such wire service that the sale will be delayed by up to 30 days, provided that wire notice of the new sale date will be given at least one business day prior to the new time when bids will be accepted. In such event, no new notice of sale shall be required to be published. Any notice regarding any sale conducted pursuant to this section shall contain a provision to the effect that the Comptroller may reject any or all bids.