§ 26.10 Temporary alternative methods of financing storm relief\nexpenses. a. Definitions. As used in this section, the terms\n"extraordinary expenses of storm relief" and "such extraordinary\nexpenses" shall mean expenses incurred by a municipality, school\ndistrict or district corporation before the first day of January, two\nthousand fourteen, for storm relief projects necessitated by damage\ncaused by the storm commonly known as Sandy on or shortly after October\ntwenty-ninth, two thousand twelve. The term "storm relief projects"\nshall mean the repair or reconstruction of public thoroughfares,\nbuildings, places, and projects of such municipality, school district or\ndistrict corporation, in excess of the normal expenses which would have\nbeen incurred for such purposes during such periods as determined by the\nfinance board of such municipality, school district or district\ncorporation. In making any such determination, the finance board shall\nnot include as a part of such extraordinary expenses the salaries and\nwages of regular employees, except for overtime work and work on Sundays\nand holidays. Such extraordinary expenses may include any interest\npayments on revenue anticipation notes issued in anticipation of the\nreceipt of moneys from the state or federal government on account of\nsuch storm pursuant to any state or federal disaster relief act.\n b. The financing of storm relief expenses by the issuance of serial\nbonds.\n 1. The finance board of a municipality, school district or district\ncorporation may authorize the issuance of serial bonds on or before\nDecember thirty-first two thousand thirteen to provide for the payment\nof all or part of the extraordinary expenses of storm relief, to\nreimburse any fund or account of the issuer from which moneys to pay\nsuch extraordinary expenses have been advanced or to replenish any fund\nor account of the issuer from which such extraordinary expenses have\nbeen paid, or any combination of such purposes, notwithstanding that\nthere may have been lack of statutory authority for any such advance or\npayment from such fund or account. The period of probable usefulness of\nsuch objects or purposes shall be five years. Any such serial bonds\nshall have a maximum maturity of over two years, but the date of final\nmaturity of any such issue shall not extend beyond the thirty-first day\nof December, two thousand eighteen.\n 2. No provision of subdivision one of this paragraph shall be deemed\nto prohibit the issuance of serial bonds for the purpose of financing\nany portion of such extraordinary expenses described in such subdivision\nwhich heretofore have been or hereafter shall be financed by the\nissuance of budget notes or for the purpose of redeeming any such notes.\n 3. Except as provided in this section, such serial bonds and any bond\nanticipation notes in anticipation thereof, shall be authorized, sold\nand issued in the manner provided by this chapter. Any bond anticipation\nnotes issued in anticipation of such bonds shall, for the purpose of\ndetermining the power of the issuer to contract indebtedness and to\nraise taxes upon real estate, be deemed to be serial bonds of an issue\nhaving a maximum maturity of more than two years as described in\nparagraph A of section five and in section ten of article eight of the\nstate constitution and for the purposes of (1) subdivision one-a of\nsection 136.00 of this chapter, (2) section two hundred thirty-three of\nthe county law, (3) section 5-514 of the village law, (4) any general or\nspecial law applicable to counties, cities, villages, school districts\nor district corporations which relates to the raising of taxes on real\nestate to provide for the payment of the interest on and the principal\nof indebtedness, and (5) all laws relating to the financial reports,\ndebt statements and real estate tax margin computations of such\nmunicipalities, school districts or district corporations. The chief\nfiscal officer of
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