N.Y. Local Fin. Law § 39.00

Current through 2024 NY Law Chapter 443

Section 39.00 - Tax anticipation note resolution, revenue anticipation note resolution and urban renewal note resolution; form and contents

a. Whenever the finance board shall authorize the issuance of tax anticipation notes, revenue anticipation notes or urban renewal notes, or the renewal of such notes, it shall do so by a "tax anticipation note resolution", "a revenue anticipation note resolution" or an "urban renewal note resolution", as the case may be. Each such resolution shall be properly dated and shall bear a title which will indicate the type of note to which it relates. Whenever any such note has been duly authorized by a chief fiscal officer the certificate required to be filed by such officer pursuant to section 30.00 of this chapter shall bear a title which will indicate the type of note to which it relates.

b. A tax anticipation note resolution, revenue anticipation note resolution or an urban renewal note resolution shall contain, in substance, the following provisions:

1. A statement that such notes are issued in anticipation of:

(a) The collection of real estate taxes or assessments, in the case of tax anticipation notes;

(b) The collection of revenues other than real estate taxes or assessments, in the case of revenue anticipation notes; or

(c) The receipt of moneys from (1) the sale of real property, or any interest therein, acquired for or incidental to an urban renewal project; or (2) from the United States government pursuant to title one of the federal housing act of nineteen hundred forty-nine, as amended; or (3) from the state of New York pursuant to the general municipal law; or from any or all such sources, in the case of urban renewal notes.

(a) In the case of tax anticipation notes:

(1) If such taxes or assessments were levied or are to be levied for a fiscal year, a statement of the fiscal year for which such taxes or assessments were levied or are to be levied, or

(2) If such notes are to be issued in anticipation of the collection of assessments levied for a capital improvement and to be collected in a single installment, and, if such assessments have been levied, a statement of the date of the levy of such assessments, or

(3) If such notes are to be issued in anticipation of the collection of an installment of assessments which are levied for a capital improvement and which are to be collected in several installments, and, if such installment of assessments has been levied, a statement of the date on which such installment is due and payable.

(b) In the case of revenue anticipation notes, a statement of the fiscal year in which such revenues are due and payable.

(a) In the case of tax anticipation notes, if such taxes or assessments have been levied, a statement of the amount of such taxes or assessments remaining uncollected against which such notes are authorized to be issued.

(b) In the case of revenue anticipation notes, a statement of the amount of uncollected revenues against which such notes are authorized to be issued.

(c) In the case of urban renewal notes, a statement of (1) the total estimated cost of the urban renewal project as stated in the certificate of the chief fiscal officer of the municipality filed and approved in the manner prescribed in paragraph d of section 25.10 of this chapter; (2) the total amount of any and all advances, loans and grants made by the United States government or by the state of New York in aid of such project to the municipality prior to and including the date of the issuance of any such note or notes; (3) the amount of any and all local grants-in-aid made or to be made for such project; and (4) the total amount of such notes outstanding for such project.

4. In the case of urban renewal notes, a statement identifying the particular urban renewal project with respect to which such notes are to be issued.

5. A statement of the amount of such notes to be issued.

6. A statement of the period of maturity on such notes.

(a) In the case of tax anticipation notes issued in anticipation of the collection of taxes or assessments which have been levied, or the renewals thereof, a statement that the date of maturity of such notes shall not extend beyond the close of the applicable period provided in section 24.00 of this chapter for the maturity of such notes.

(b) In the case of revenue anticipation notes, if such notes are to be issued in renewal of similar notes, a statement that the date of maturity of such notes shall not extend beyond the expiration of the second fiscal year succeeding the fiscal year in which such original notes were issued.

(c) In the case of urban renewal notes, a statement whether such notes are renewal notes and, if they are, the date of issuance of the original notes.

N.Y. Local Fin. Law § 39.00