§ 91.00 Refunding of capital notes. a. Where serial bonds have not\nbeen issued to finance any part of an object or purpose and such object\nor purpose has been financed by the issuance of a capital note, such\ncapital note may be refunded by the issuance of serial bonds pursuant to\nthis section.\n b. The last installment of bonds issued pursuant to this section shall\nmature not later than the expiration of the maximum period of probable\nusefulness of the object or purpose for which the capital note was\nissued. Such period shall be that which was in effect at the time the\ncapital note was originally issued unless such period has been\nsubsequently shortened, in which event the shorter period in effect at\nthe time of the issuance of the bonds shall apply.\n c. The first installment of bonds issued pursuant to this section\nshall mature not later than eighteen months after the date of issuance\nof such bonds or two years after the date of original issuance of such\nnotes, whichever is the earlier. However, if bond anticipation notes are\nissued in anticipation of bonds authorized to be issued pursuant to this\nsection, the provisions of section 23.00 of this chapter shall apply\nwith respect to the issuance, maturity and renewal thereof provided that\nthe date of original issuance of the capital note which is being\nrefunded shall be deemed to be the original date of issue of such bond\nanticipation notes and provided further that such bond anticipation\nnotes or the renewal thereof shall not extend beyond five years from\nsuch original date of issue, and in such case, the first installment of\nsuch bonds may, in the alternative, be made to mature not later than\nfive years from the date of the original issuance of such capital note.\nNo annual installment of such bonds shall be more than fifty per centum\nin excess of the smallest prior installment.\n d. Bonds issued pursuant to this section shall not be designated as\nrefunding bonds but shall contain a recital that they are issued\npursuant to this section. The provisions of this chapter, including but\nnot limited to sections 33.10, 34.00, 35.00, 36.00, 37.00, 38.00 and\n107.00, relating to the authorization, form and contents, sale,\nexecution and issuance of serial bonds, other than refunding bonds\nissued pursuant to section 90.00 of this chapter, shall apply to the\nauthorization, form and contents, sale, execution and issuance of such\nbonds issued pursuant to this section. The bond resolution shall contain\na description of the capital note to be refunded and a statement of the\nmaximum period of probable usefulness of the object or purpose for which\nthe capital note was issued and which was in effect on the date of\nissuance of the note and that which will be in effect on the date of\nissuance of the bonds.\n e. Capital notes issued by a municipality to provide current funds for\na down payment in connection with the financing of capital improvements\nor equipment, required pursuant to the provisions of paragraph b, or\nsubdivision one of paragraph c, of section 107.00 of this chapter, shall\nnot be refunded.\n
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