§ 20.00 — Types of obligations which may be issued

New York § 20.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 2: Local Obligations: Types Thereof
• Art. 2: Local Indebtedness

Text

§ 20.00 Types of obligations which may be issued. a. Bonds, notes or\nother evidences of indebtedness authorized to be issued by\nmunicipalities, school districts or district corporations for any object\nor purpose shall hereafter be of the following nature and kind only and\nshall be denominated respectively as follows:\n 1. Serial bonds.\n 2. Sinking fund bonds or corporate stock.\n 3. Bond anticipation notes.\n 4. Tax anticipation notes.\n 5. Revenue anticipation notes.\n 6. Capital notes.\n 7. Budget notes.\n 8. Urban renewal notes.\n 9. Deferred payment notes.\n * 10. Land installment purchase obligations.\n * NB Repealed July 31, 2031\n 11. Lease, sublease or other agreements entered into pursuant to\nsubparagraph two of paragraph b of subdivision thirty-eight of section\nsixteen hundred eighty of the public authorities law.\n 12. Deficiency notes.\n b. Nothing contained in this section shall be construed to prevent the\nprepayment of taxes to a municipality, school district or district\ncorporation and the furnishing of a non-negotiable receipt of such\nprepayment whether or not interest is to be paid on the moneys so\nprepaid.\n c. Nothing contained in this chapter shall prevent a municipality from\nissuing evidences of indebtedness to the state of New York or to the\nUnited States of America with respect to a project or projects\nundertaken by such municipality pursuant to any general law to\neffectuate any of the purposes of article eighteen of the state\nconstitution.\n d. Nothing contained in this section shall be construed to prevent a\nmunicipality from issuing evidence of indebtedness or entering into\ninstallment contracts to purchase equipment, machinery and apparatus\npursuant to section one hundred nine-b of the general municipal law.\n