When the directors of the corporation have determined that the interests of the corporation will be served by a private sale of its bonds or notes, underwriters may be selected for such a bond or note sale conducted pursuant to the New York Local Government Assistance Corporation Act through a request for proposal process. With respect to each such sale, requests shall be sent to at least 10 firms that have, in the judgment of the Comptroller, as exclusive agent of the corporation, sufficient expertise and experience in the sale of obligations of the State of New York or other similar issuers to underwrite efficaciously a private sale of the corporation's bonds or notes.

The selection of the underwriters involved in any private bond or note sale of the corporation pursuant to subdivision (a) of this section shall take into account such factors as shall be determined by the Comptroller, as exclusive agent of the corporation.

A request for proposal prepared for candidate firms pursuant to subdivision (a) of this section shall request information from the firms that will enable the corporation to evaluate the firms. Such a request shall also include any relevant restrictions contained in resolutions of the corporation authorizing the private sale of its bonds or notes and other matters deemed by the corporation or the Comptroller, as exclusive agent of the corporation, to be relevant.

(d) In accordance with section 1 of the New York Local Government Assistance Corporation Act (in particular, Public Authorities Law, section 3236), the corporation shall give notice to the Governor, the Temporary President of the Senate and the Speaker of the Assembly of its intention to conduct a private sale of obligations pursuant to such section not less than 5 days prior to the execution of a purchase contract. The Comptroller, as exclusive agent for the corporation, shall use his best efforts to negotiate a sale to the underwriters selected by the corporation.

(e) The role of the Comptroller, as exclusive agent for the corporation, shall be as agreed upon in a memorandum of understanding entered into between the corporation and the Comptroller.