This text of New York § 29.20 (Deficiency notes) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 29.20 Deficiency notes.
a.Any municipality, school district or\ndistrict corporation may issue deficiency notes during any fiscal year\nto finance a deficiency in any fund or funds arising from revenues being\nless than the amount estimated in the budget for such current fiscal\nyear. Such notes may be issued in such amount as the finance board shall\ndetermine to be necessary, but not to exceed five per centum of the\namount of the annual budget of such municipality, school district or\ndistrict corporation.\n b. Deficiency notes may be renewed from time to time, but such notes,\nincluding the renewals thereof, shall mature not later than the close of\nthe fiscal year succeeding the fiscal year in which such notes are\nissued. However, such notes, including the renewals thereof, may
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§ 29.20 Deficiency notes. a. Any municipality, school district or\ndistrict corporation may issue deficiency notes during any fiscal year\nto finance a deficiency in any fund or funds arising from revenues being\nless than the amount estimated in the budget for such current fiscal\nyear. Such notes may be issued in such amount as the finance board shall\ndetermine to be necessary, but not to exceed five per centum of the\namount of the annual budget of such municipality, school district or\ndistrict corporation.\n b. Deficiency notes may be renewed from time to time, but such notes,\nincluding the renewals thereof, shall mature not later than the close of\nthe fiscal year succeeding the fiscal year in which such notes are\nissued. However, such notes, including the renewals thereof, may mature\nnot later than the close of the second fiscal year succeeding the fiscal\nyear in which such notes are issued, when authorized and issued during a\nfiscal year at a time subsequent to the date of the adoption of the\nannual budget for the next succeeding fiscal year, by a municipality,\nschool district or district corporation in which the total amount of\ntaxes or assessments levied for a fiscal year is determined pursuant to\nan annual budget adopted during the fiscal year preceding such fiscal\nyear.\n c. Deficiency notes shall be redeemed out of the taxes or assessments\nlevied or to be levied for the fiscal year in which they mature or out\nof other revenues of that fiscal year legally available for that\npurpose.\n d. Notwithstanding the provisions of any general, special or local\nlaw, any municipality, school district or district corporation, which\nhas the power to issue deficiency notes under this section, shall to the\nsame extent have the power to appropriate and expend money received from\nthe proceeds of the sale of deficiency notes for the purposes of the\nfund or funds for which such notes are issued.\n e. The proceeds of such notes shall be used only to finance a\ndeficiency in any fund or funds arising from revenues being less than\nthe amount estimated in the budget for the current fiscal year or, in\nthe event all or a portion of the proceeds are not expended for that\npurpose, the amount not so expended shall be used only for the payment\nof principal of and interest on such notes. In determining whether all\nor any portion of the proceeds of deficiency notes remained unexpended\nat the close of a fiscal year, the moneys in such fund or funds other\nthan the proceeds of such notes shall be deemed to be expended prior to\nthe proceeds of such notes.\n f. Any municipality, school district or district corporation which\nshall renew deficiency notes pursuant to the provisions of paragraph b\nof this section, or which shall issue deficiency notes in two or more\nsuccessive fiscal years, shall be subject to the requirements of\nparagraphs c, d, e and f of section 10.10 of this article for three\nyears commencing with the fiscal year in which such notes were renewed\nor each second successive fiscal year in which such notes were issued.\n