§ 40.00 — Budget note resolution; form and contents; authorization thereof

New York § 40.00

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

Text

§ 40.00 Budget note resolution; form and contents; authorization\nthereof. a. The issuance of budget notes or renewals thereof shall be\nauthorized by a "budget note resolution." Each such resolution shall be\nproperly dated and shall bear a title which will indicate that it\nrelates to a budget note.\n b. Any municipality, school district or district corporation may adopt\none or more budget note resolutions authorizing the issuance of budget\nnotes for a specific object or purpose, for which object or purpose\nbudget notes may be issued. In addition, any municipality may adopt one\nor more budget note resolutions authorizing the issuance of budget notes\nfor a class of objects or purposes set forth in paragraph b, c, d or e\nof section 29.00 of this chapter.\n c. A budget note resolution shall contain, in substance, at least the\nfollowing provisions:\n 1. A statement setting forth the facts and circumstances necessitating\nthe issuance of such budget notes and the specific object or purpose or\nthe class of objects or purposes for which the budget notes to be\nauthorized by such resolution are to be issued and stating that there\nare no other funds available with which to pay or provide for such\nobject or purpose or class of objects or purposes. Such circumstances\nnecessitating the issuance of budget notes and such specific object or\npurpose shall be described in brief and general terms sufficient for a\nreasonable identification.\n 2. A statement of the amount of budget notes to be issued for such\nspecific object or purpose or class of objects or purposes.\n 3. A statement of the period of maturity of such notes.\n 4. If such notes are to be issued in renewal of other notes a\nstatement that the date of maturity of such notes shall not extend\nbeyond the applicable period provided in section 29.00 of this chapter\nfor the maturity of such notes.\n d. Every budget note resolution shall be adopted by at least a\nmajority vote of the voting strength of the finance board. A majority\nvote shall be sufficient for the adoption of a resolution authorizing\nthe renewal of any budget note.\n