Replaces previously released version in its entirety


4.31. Are underwriting services associated with negotiated bond transactions considered to be Articles of Procurement subject to the requirements of Sections 139-j and 139-k of the State Finance Law? (Last Updated: 6/13/2008)

Yes. State Finance Law §§139-j(1)(b) and 139-k(1)(b) specifically include “services” within their definitions of the term “Article of Procurement” when it is the subject of a Governmental Procurement. Providing underwriting services in conjunction with a negotiated bond sale is a service within the meaning of State Finance Law §§139-j and 139-k. Therefore, when a Governmental Entity undertakes a Governmental Procurement to procure underwriting services the transaction is subject to the requirements of State Finance Law §§139-j and 139-k.


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