§ 39.00 — Tax anticipation note resolution, revenue anticipation note resolution and urban renewal note resolution; form and contents

New York § 39.00

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

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§ 39.00 Tax anticipation note resolution, revenue anticipation note\nresolution and urban renewal note resolution; form and contents. a.\nWhenever the finance board shall authorize the issuance of tax\nanticipation notes, revenue anticipation notes or urban renewal notes,\nor the renewal of such notes, it shall do so by a "tax anticipation note\nresolution", "a revenue anticipation note resolution" or an "urban\nrenewal note resolution", as the case may be. Each such resolution shall\nbe properly dated and shall bear a title which will indicate the type of\nnote to which it relates. Whenever any such note has been duly\nauthorized by a chief fiscal officer the certificate required to be\nfiled by such officer pursuant to section 30.00 of this chapter shall\nbear a title which will indicate the type of note to which it relates.\n b. A tax anticipation note resolution, revenue anticipation note\nresolution or an urban renewal note resolution shall contain, in\nsubstance, the following provisions:\n 1. A statement that such notes are issued in anticipation of:\n (a) The collection of real estate taxes or assessments, in the case of\ntax anticipation notes;\n (b) The collection of revenues other than real estate taxes or\nassessments, in the case of revenue anticipation notes; or\n (c) The receipt of moneys from (1) the sale of real property, or any\ninterest therein, acquired for or incidental to an urban renewal\nproject; or (2) from the United States government pursuant to title one\nof the federal housing act of nineteen hundred forty-nine, as amended;\nor (3) from the state of New York pursuant to the general municipal law;\nor from any or all such sources, in the case of urban renewal notes.\n 2. (a) In the case of tax anticipation notes:\n (1) If such taxes or assessments were levied or are to be levied for a\nfiscal year, a statement of the fiscal year for which such taxes or\nassessments were levied or are to be levied, or\n (2) If such notes are to be issued in anticipation of the collection\nof assessments levied for a capital improvement and to be collected in a\nsingle installment, and, if such assessments have been levied, a\nstatement of the date of the levy of such assessments, or\n (3) If such notes are to be issued in anticipation of the collection\nof an installment of assessments which are levied for a capital\nimprovement and which are to be collected in several installments, and,\nif such installment of assessments has been levied, a statement of the\ndate on which such installment is due and payable.\n (b) In the case of revenue anticipation notes, a statement of the\nfiscal year in which such revenues are due and payable.\n 3. (a) In the case of tax anticipation notes, if such taxes or\nassessments have been levied, a statement of the amount of such taxes or\nassessments remaining uncollected against which such notes are\nauthorized to be issued.\n (b) In the case of revenue anticipation notes, a statement of the\namount of uncollected revenues against which such notes are authorized\nto be issued.\n (c) In the case of urban renewal notes, a statement of (1) the total\nestimated cost of the urban renewal project as stated in the certificate\nof the chief fiscal officer of the municipality filed and approved in\nthe manner prescribed in paragraph d of section 25.10 of this chapter;\n(2) the total amount of any and all advances, loans and grants made by\nthe United States government or by the state of New York in aid of such\nproject to the municipality prior to and including the date of the\nissuance of any such note or notes; (3) the amount of any and all local\ngrants-in-aid made or to be made for such project; and (4) the total\namount of such notes outstanding for such project.\n 4. In the case of urban renewal notes, a statement identifying the\nparticular urban renewal project with respect to which such notes are to\nbe issued.\n 5. A statement of the amount of such notes to be issued.\n 6. A statement of the period of maturity on such notes.\n 7. (a) In the case of tax anticipation notes issued in anticipation of\nthe collection of taxes or assessments which have been levied, or the\nrenewals thereof, a statement that the date of maturity of such notes\nshall not extend beyond the close of the applicable period provided in\nsection 24.00 of this chapter for the maturity of such notes.\n (b) In the case of revenue anticipation notes, if such notes are to be\nissued in renewal of similar notes, a statement that the date of\nmaturity of such notes shall not extend beyond the expiration of the\nsecond fiscal year succeeding the fiscal year in which such original\nnotes were issued.\n (c) In the case of urban renewal notes, a statement whether such notes\nare renewal notes and, if they are, the date of issuance of the original\nnotes.\n