§ 51.00 — Terms, form and contents of obligations

New York § 51.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 4: Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
• Art. 2: Local Indebtedness

Text

§ 51.00 Terms, form and contents of obligations. Every bond and note\nshall contain a statement of at least the following:\n 1. The type of obligation.\n 2. The amount of the obligation and the total amount of the issue of\nwhich the obligation is a part.\n 3. The date and maturity of the obligation.\n 4. If the obligation is a tax anticipation note or a revenue\nanticipation note, the fiscal year for which the taxes were levied or\nare to be levied or in which the revenues are to become due and payable,\nas the case may be; if the obligation is a tax anticipation note to be\nissued in anticipation of the levy or collection of assessments for a\nfiscal year or in anticipation of the collection of an installment of an\nassessment for a capital improvement, the fiscal year for which such\nassessments were levied or are to be levied or in which such installment\nbecomes due, as the case may be.\n * 5. The rate of interest or, in the case of obligations bearing a\nvariable rate of interest, the procedure for calculating such variable\nrate of interest and the maximum rate of interest which such variable\nrate notes may bear, together with the date or dates of payment thereof.\n * NB Effective until July 15, 2027\n * 5. The rate of interest and the date or dates of payment thereof.\n * NB Effective July 15, 2027\n 6. The place or places of payment of principal and interest.\n 7. The medium of payment.\n 8. An irrevocable pledge of the faith and credit of the municipality,\nschool district or district corporation issuing the obligation for the\npayment thereof.\n 9. If the obligation is payable to bearer, whether it may be converted\ninto a registered obligation; if the obligation is in registered form,\nwhether it may be converted into a bearer obligation.\n 10. If the obligation may be called for redemption prior to its date\nof maturity, the terms and conditions under which such obligation may be\nredeemed.\n