§ 5-512 Financing interim fiscal period. l. Whenever the fiscal year\nof a village is changed by action of the board of trustees taken\npursuant to section 5-510 of this article, the current fiscal year shall\nbe automatically extended to include the interim period between the last\nday of the current fiscal year and the first day of the new fiscal year,\nunless the board of trustees shall elect to treat such interim period as\na separate fiscal year, as provided in subdivision three of this\nsection.\n 2. The board of trustees may raise all or part of the amount necessary\nto pay the obligations and other expenses of the village for the interim\nperiod by the issuance of obligations pursuant to the local finance law;\nprovided, however, that revenues and other income resulting from special\nassessments for capital projects or from operation of revenue producing\nundertakings, enterprises and utilities, including but not limited to\nwater supply, sewerage, electric, steam or gas, for which obligations\nmay become due during the interim period shall be applicable to payment\nof obligations and expenses therefor as provided by law and to that\nextent bonds or notes shall not be issued therefor.\n 3. The board of trustees may treat such interim period as a separate\nfiscal year, in which case all of the provisions of this article and of\nthe real property tax law relative to the preparation of a budget and\nthe assessment, levy and collection of taxes shall apply to such interim\nperiod; provided, however, that the amount to be raised by tax on real\nestate in any such interim period shall not exceed the limitations\nprescribed by article eight of the constitution, divided by twelve and\nmultiplied by the number of months contained in such interim period.\n
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