§ 90.00 Refunding of bonds. a. 1. A municipality, school district or\ndistrict corporation may issue serial bonds to refund bonds issued on or\nafter January first, nineteen hundred thirty-nine, other than bonds\nissued to redeem notes, certificates or other evidences of indebtedness\nissued prior to January first, nineteen hundred thirty-nine, in\nanticipation of such bonds. The last installment of such refunding bonds\nissued to refund bonds issued pursuant to the social services law, or\nthe former social welfare law, or the former public welfare law, for the\npurpose of safety net assistance, as defined in such laws, shall mature\nwithin ten years after the date of issue of the bonds to be refunded. In\nall other cases the last installment of such refunding bonds shall\nmature not later than the expiration of the maximum period of probable\nusefulness permitted by law at the time of the issuance of the bonds to\nbe refunded or the refunding bonds for the object or purpose for which\nthe bonds to be refunded were issued. Such period shall be computed from\nthe date of issuance of the bonds to be refunded or from the date of\nissuance of the first bond anticipation note issued in anticipation of\nsuch bonds, whichever date is the earlier.\n 2. Notwithstanding the provisions of subdivision one of this\nparagraph, bonds issued by a school district prior to December first two\nthousand one, or prior to thirty days after the effective date of this\nsubdivision, whichever is later, for the purpose of financing facilities\nwhich were eligible for building aid pursuant to section thirty-six\nhundred two of the education law, and for which the aid apportionments\npayable in two thousand two--two thousand three and/or two thousand\nthree--two thousand four school years for approved expenditures for debt\nservice are subsequently reduced as a result of the application of\nassumed amortization to unpaid principal outstanding as of July first,\ntwo thousand two, may be refunded and the refunding bonds may be sold at\neither public or private sale in accordance with the provisions of\nsection 90.10 of this title; provided, however, the school district need\nnot comply with: (i) subparagraph (a) of subdivision two of paragraph b\nof section 90.10 of this title; and (ii) if the bonds to be refunded are\nto be redeemed or paid on the same date as the refunding bonds are\nissued, the school district need not comply with the provisions of\nsection 90.10 of this title relating to the escrow of the proceeds of\nthe sale of the refunding bonds.\n 3. Refunding bonds shall not be issued to refund bonds issued to\nfinance an object or purpose which, at the time of the issuance of such\nbonds, had a period of probable usefulness of five years or less.\n 4. If a budgetary appropriation has been made for the payment of the\nprincipal on bonds, such maturity shall not be included in a refunding\nbond issue.\n b. The maturities and amount of such refunding bonds shall be so\narranged that the combined amount of:\n 1. The bonds of the original issue, and\n 2. Refunding bonds previously issued to refund bonds of the original\nissue, if any,\nto be redeemed by an appropriation other than from the proceeds of\nrefunding bonds during the year of refunding and the combined amount of:\n 1. The bonds of the original issue,\n 2. Such refunding bonds, and\n 3. Refunding bonds previously issued to refund bonds of the original\nissue, if any,\nto be redeemed by an appropriation other than from the proceeds of\nrefunding bonds in each succeeding year thereafter is not more than\nfifty per centum in excess of the combined amount of:\n 1. The bonds of the original issue,\n 2. Such refunding bonds, and\n 3. Refunding bonds previously issued to refund bonds of the original\nissue, if any,\nredeemed or to be redeemed during any preceding year by an appropriation\nother than from the proceeds of refunding bonds.\n b-1. Refunding bonds need not comply with par
‹ 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.