§ 32.00 — Bond resolution and capital note resolution; form and contents

New York § 32.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 3: Local Obligations: Authorization Thereof
• Art. 2: Local Indebtedness

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§ 32.00 Bond resolution and capital note resolution; form and\ncontents. Every bond resolution or capital note resolution shall be\nproperly dated and shall bear a title indicating the type or types of\nobligations to which it relates, and shall contain, in substance, at\nleast the following provisions:\n 1. A statement of the specific object or purpose or the class of\nobjects or purposes for which the obligations to be authorized by such\nresolution are to be issued. Each item of such specific object or\npurpose shall be described in brief and general terms sufficient for a\nreasonable identification.\n 2. If the obligations to be authorized are for a specific object or\npurpose, a statement of the estimate of the maximum cost of each item of\nsuch specific object or purpose. If the obligations to be authorized by\na single bond resolution or capital note resolution are for two or more\nspecific objects or purposes as provided by paragraph d of section 31.00\nof this chapter, there shall be a statement of the estimate of the\nmaximum cost of each item of each specific object or purpose. If the\nobligations to be authorized are for a class of objects or purposes,\nthere shall be a statement of the estimated maximum cost thereof. If the\nobligations to be authorized by a single bond resolution or capital note\nresolution are for two or more classes of objects or purposes as\nprovided by paragraph d of section 31.00 of this chapter, there shall be\na statement of the estimated maximum cost of each class of objects or\npurposes. Such statement shall also set forth the plan for the\nfinancing of the total cost of all of the items of such specific object\nor purpose or such specific objects or purposes or of the cost of such\nclass or such classes of objects or purposes which shall indicate the\nsources of the amounts of money which have been previously authorized to\nbe applied to the payment of the total cost of all of such items of such\nobject or purpose or such objects or purposes or of the cost of such\nclass or such classes of objects or purposes and the intended source or\nsources, other than the proceeds of such obligations, of the balance of\nthe money to be so applied. Such financial plan, by virtue of its\ninclusion in such resolution, shall not be deemed binding upon such\nmunicipality, school district or district corporation.\n In lieu of such a statement, the resolution may contain a recital that\nsuch information has been set forth in a capital budget or in an\nappropriation for such specific object or purpose or such objects or\npurposes or for the class or classes of such objects or purposes or in a\npreviously adopted bond resolution or capital note resolution\nauthorizing the issuance of obligations for such specific object or\npurpose or such specific objects or purposes, or for the class or\nclasses of such objects or purposes. Such recital shall specifically\nrefer to the most recent capital budget, appropriation, bond resolution\nor capital note resolution containing such information.\n 3. A statement of the amount of bonds or capital notes to be issued\nfor such specific object or purpose or class of objects or purposes.\n 4. A determination of the period or periods of probable usefulness of\nthe specific object or purpose or class of objects or purposes for which\nsuch bonds or capital notes are to be issued, if such determination is\nmade by the finance board. However, if bonds are to be issued for a\nclass of objects or purposes for which more than one period of probable\nusefulness is prescribed pursuant to section 11.00 of this chapter and\nif the determination of the period of probable usefulness therefor is to\nbe made by the finance board, the bond resolution authorizing the\nissuance of such bonds shall\n (a) Specify the kind of specific object or purpose within such class\n to which the proceeds of such bonds are to be applied and the\n appropriate period of probable usefulness therefor, or\n (b) Specify as the period of probable usefulness of such class the\n lowest period of probable usefulness assigned thereto.\n 5. In the case of towns or villages, a determination whether the\nproposed maturity of the obligations to be authorized thereby will be in\nexcess of five years.\n 6. If current funds are required to be provided prior to the issuance\nof such bonds or bond anticipation notes in anticipation of such bonds\npursuant to section 107.00 of this chapter, a statement that there has\nbeen provided or that there will be provided prior to the issuance of\nsuch bonds or bond anticipation notes the appropriate amount of current\nfunds.\n