§ 24.00 Tax anticipation notes.\n a. 1. Tax anticipation notes may be issued by any municipality, school\ndistrict or district corporation, other than a fire district,\n (a) During a fiscal year in anticipation of the collection of taxes or\nassessments levied for such fiscal year,\n (b) Within ten days prior to the commencement of a fiscal year or,\nwhere the fiscal year of the issuer is a calendar year, within thirty\ndays prior to the commencement of a fiscal year, in anticipation of the\ncollection of taxes or assessments levied for such fiscal year,\n (c) During a fiscal year in anticipation of the collection of taxes or\nassessments to be levied in such fiscal year,\n (d) Within ten days prior to the commencement of a fiscal year or,\nwhere the fiscal year of the issuer is a calendar year, within thirty\ndays prior to the commencement of a fiscal year, in anticipation of the\ncollection of taxes or assessments to be levied in such fiscal year, or\n (e) During any fiscal year in anticipation of the collection of taxes\nor assessments levied for any of the four preceding fiscal years.\nThe term "assessments" as used in this paragraph means assessments\nlevied or to be levied for operation, maintenance or debt service.\n 2. Prior to the adoption of its annual budget any municipality, school\ndistrict or district corporation which adopts an annual budget after the\ncommencement of its fiscal year shall not issue such notes pursuant to\nitems (c) or (d) of subdivision one of this paragraph in excess of the\ncombined amounts of:\n (a) The amount necessary for the payment of the principal of and\ninterest on any indebtedness to become due during the first four months\nof its current fiscal year, and\n (b) Thirty-five per centum of the difference between the amount of its\nannual budget for the preceding fiscal year and the amount provided\ntherein for the payment of the principal of and interest on\nindebtedness.\n 3. In no event shall any municipality, school district or district\ncorporation reduce the amount to be raised by taxes or assessments in\nits annual budget or other determination of taxes or assessments to be\nraised to an amount less than the amount of the outstanding notes which\nhave been issued pursuant to items (c) and (d) of subdivision one of\nthis paragraph.\n 4. In the case of such notes issued pursuant to items (a), (b) and (e)\nof subdivision one of this paragraph, such notes shall not be issued in\nan amount in excess of the amount of the taxes or assessments levied for\na fiscal year which is uncollected at the time of such borrowing less:\n (a) The amount of the outstanding tax anticipation notes issued in\nanticipation of the collection of such taxes or assessments, and\n (b) The amount, if any, included in the annual budget for such fiscal\nyear or in the levy of taxes or assessments for such fiscal year to\noffset, in whole or in part, an anticipated deficiency in the collection\nbefore the end of such fiscal year of the taxes or assessments levied\nfor such fiscal year.\n 5. The proceeds of notes issued pursuant to items (c) and (d) of\nsubdivision one of this paragraph shall be used only for the purposes\nfor which the taxes or assessments are to be levied or for the\nredemption of notes in renewal of which they were issued. The proceeds\nof notes issued pursuant to items (a), (b) and (e) of subdivision one of\nthis paragraph shall be used only for the purposes for which the taxes\nor assessments were levied or for the redemption of notes in renewal of\nwhich they were issued, provided, however, that the proceeds of such\nnotes may be used for other lawful purposes if the purposes for which\nthe taxes or assessments were levied have been satisfied and there are\nno unpaid claims arising therefrom or appropriate provision has already\nbeen made for the payment of such unpaid claims.\n 6. Tax anticipation notes issued pursuant to this paragraph shall\nmature within one year from the d
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.