§ 25.10 — Urban renewal notes

New York § 25.10

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

Text

§ 25.10. Urban renewal notes. a. To effectuate the purposes of article\neighteen of the state constitution and article fifteen of the general\nmunicipal law, any municipality which has authorized an urban renewal\nproject may issue urban renewal notes, from time to time, in\nanticipation of the receipt of moneys for such project, or any part\nthereof, from (1) the sale of real property, or any interest therein,\nacquired for or incidental to such project; or (2) the United States\ngovernment pursuant to title one of the housing act of nineteen hundred\nforty-nine, as amended; or (3) the state of New York pursuant to the\ngeneral municipal law; or from any or all such sources. Such notes may\nbe issued in anticipation of the receipt of such moneys whether or not\nsuch moneys are to be received or to become due and payable during the\nfiscal year in which such notes are issued.\n b. Such notes shall mature within one year from the date of their\nissue and may be renewed from time to time, but each renewal shall be\nfor a period not exceeding one year, provided that no such notes or any\nrenewals thereof, issued in anticipation of the receipt of moneys for an\nurban renewal project, shall extend more than seven years beyond the\ndate of the first such note or notes issued in connection with such\nproject. In any event, urban renewal notes shall not be renewed after\nthe receipt of the moneys in anticipation of which such notes were\nissued.\n c. Where, prior to the effective date of this section, a municipality\nhas issued a revenue anticipation note in anticipation of the receipt,\nof any such moneys, such note, or any renewal thereof, may be renewed,\nin whole or in part, by the issuance of an urban renewal note subject to\nthe limitations of this section. In such event, the seven-year period\nspecified in paragraph b of this section shall be computed from the date\nof issue of the original revenue anticipation note, and such urban\nrenewal note shall be deemed a renewal note for the purposes of this\nchapter.\n d. Urban renewal notes shall be redeemed from the moneys in\nanticipation of the receipt of which they were issued. However, if such\nmoneys are not received or are not received in an amount sufficient to\nredeem such notes in full, such notes, to the extent such moneys are not\nsufficient, shall be redeemed:\n 1. From any unincumbered balance in any fund which may be applied to\nthe payment thereof;\n 2. By a budgetary appropriation; or\n 3. By the proceeds of the sale of serial bonds issued pursuant to\nsection 93.00 of this chapter for the purpose of refunding such notes.\n e. The total amount of urban renewal notes which a municipality may\nissue for any urban renewal project in anticipation of the receipt of\nany such moneys shall not exceed the total estimated cost of such\nproject as stated in the certificate of the chief fiscal officer of the\nmunicipality approved and filed as hereinafter provided less (a) the\ntotal amount of any and all advances, loans and grants made by the\nfederal government or by the state of New York to such municipality in\naid of such project prior to and including the date of the issuance of\nany such note or notes; (b) the amount of any local grants-in-aid made\nor to be made for such project; and (c) the amount of the proceeds of\nthe sale of any real property acquired for or incidental to such project\nactually received by such municipality prior to and including the date\nof the issuance of any such note or notes.\n Such certificate of the chief fiscal officer of the municipality shall\nbe in such form and shall contain such information as shall be\nprescribed by the state comptroller and shall be filed not more than\nfifteen nor less than three days before the sale of any such note or\nnotes in the office of the state comptroller with the approval thereof\nof the commissioner of housing endorsed thereon.\n f. All such moneys in anticipation of which any urban renewal note or\nnotes shall have been issued, as thereafter received or collected, shall\nbe set aside in a special bank account to be used only for the payment\nof such urban renewal notes as they become due. Any municipality may\nmake budgetary appropriations for the redemption of urban renewal notes\nwhether or not required or otherwise authorized by law to do so. In the\nevent such an appropriation is made, such municipality shall not be\nrequired to pay into such special account so much of such moneys as\nshall equal the amount of such appropriation but any moneys not so paid\ninto such special account may be used in the manner provided by law or,\nif there is no provision of law pertaining to the use of such moneys,\nthey shall be treated as surplus moneys for the fiscal year in which\nthey are collected.\n