§ 21.00 Serial bonds. a. Any municipality, school district or district\ncorporation may issue serial bonds for any object or purpose having a\nperiod of probable usefulness set forth in paragraph a of section 11.00\nof this chapter and for which object or purpose it may contract\nindebtedness pursuant to section 10.00 of this chapter; provided,\nhowever, that serial bonds shall not be issued by such municipality,\nschool district or district corporation (1) in those cases in which\nprovision is made in sections 24.00 and 25.00 of this chapter for the\nissuance of tax anticipation notes and revenue anticipation notes to be\nissued in anticipation of the collection or receipt of taxes, revenues\nor assessments, as the case may be, or (2) in those cases in which\nprovision is made in section 29.00 of this chapter for the issuance of\nbudget notes other than paragraph n of such section, or (3) in those\ncases in which budget notes have been issued under such paragraph n; and\nfurther provided, however, that nothing contained herein shall prohibit\nthe issuance of serial bonds by such municipality, school district or\ndistrict corporation for the object or purpose specified in subdivision\nsixty of paragraph a of section 11.00 of this chapter.\n b. Serial bonds shall mature in annual installments. The first\ninstallment shall mature not later than eighteen months after the date\nof such bonds or two years after the date of the first bond anticipation\nnote or notes issued in anticipation of such bonds, whichever is the\nearlier, provided, however, that until July fifteenth, two thousand\ntwenty-seven, the first installment shall mature not later than two\nyears after the date of such bonds or two years after the date of the\nfirst bond anticipation note or notes issued in anticipation of such\nbonds, whichever is the earlier. However, if bond anticipation notes are\nissued in anticipation of bonds and if a portion of such notes or the\nrenewals thereof are redeemed from a source other than the proceeds of\nsuch bonds within two years from the date of the first such note or\nnotes and a further portion thereof shall be so redeemed prior to the\ntermination of each twelve months' period succeeding the date such\noriginal portion was so redeemed, the first installment of such bonds\nmay, in the alternative, be made to mature not later than five years\nfrom the date of the first such note or notes.\n b-1. Notwithstanding the provisions of paragraph b of this section, if\nbond anticipation notes are issued in anticipation of bonds for\nassessable improvements and if a portion of such notes or the renewals\nthereof are redeemed from a source other than the proceeds of such bonds\nwithin two years from the date of the first such note or notes and a\nfurther portion thereof shall be so redeemed prior to the termination of\neach twelve months' period succeeding the date such original portion was\nso redeemed, the first installment of such bonds shall mature not later\nthan twelve months from the last preceding date such portion is so\nredeemed.\n c. The last installment of serial bonds shall mature not later than\nthe expiration of the period of probable usefulness of the object or\npurpose for which such bonds are issued, as computed from the date of\nsuch bonds or, if bond anticipation notes shall have been issued in\nanticipation thereof, as computed from the date of the earliest note or\nnotes so issued.\n d. No annual installment of serial bonds shall be more than fifty per\ncentum in excess of the smallest prior installment. For the purpose of\nthe preceding sentence, bond anticipation notes, which are redeemed from\na source other than the proceeds of bonds, shall be deemed to be serial\nbonds. Notwithstanding the foregoing, the finance board of any\nmunicipality, school district or district corporation may determine to\nissue bonds and provide for substantially level or declining annual debt\nservice. The determination of whethe
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