§ 62.10 — Statutory installment bonds

New York § 62.10

• 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

§ 62.10 Statutory installment bonds. a. Notwithstanding any other\nprovisions of this chapter, if the principal amount for an object or\npurpose, or objects or purposes, or class or classes thereof, to be\nfinanced by the issuance of bonds does not exceed five million dollars\nin the aggregate, a single bond, to be known as a statutory installment\nbond, may be issued for the full principal amount, if the issue is to be\nsold at private sale. Any such bond shall provide for the payment of\nboth the principal and interest upon presentation of the bond for\nnotation of such payments thereon, except that such a statutory\ninstallment bond may be issued and sold to the United States of America\nor any agency thereof in any amount and that such principal and interest\nshall be payable without such presentation.\n b. A statutory installment bond, in bearer, if authorized by federal\nlaw, or registered form, shall be in terms, form and contents,\nsubstantially as follows:\nStatutory United States of America $ (Here insert full\nInstallment State of New York amount of bond\nBond County of issue)\n (Here insert name of the issuer)\n(Here insert type of bond and year, such as "Highway Machinery Serial\nBond--1976")\n The (Here insert name of the issuer), in the County of ___________, a\n(Here insert whether a municipality, school district, fire district or\nother district corporation) of the State of New York, hereby\nacknowledges itself indebted and for value received promises to pay to\n(Here insert "bearer" or the name of registered owner if the bond is\nissued in registered form) the principal sum of __________________\nDollars ($________) (in (_____) equal annual installments of __________\nDollars ($________) on the ________ day of ____ in the years 20__ __, to\n20 __, inclusive)\n or\n(in________(___) annual installments (Here state the amounts, the annual\nprincipal payment date, and the years in which the principal payments\nwill be made. No annual installment shall be more than fifty per centum\nin excess of the smallest prior installment unless the finance board has\ndetermined to provide for substantially level or declining annual debt\nservice, in which case the aggregate amount of debt service payable in\nany year shall not exceed the lowest aggregate amount of debt service\npayable in any prior year by more than five percent))\nand to pay interest on the unpaid balance of such principal sum at the\nrate of ______ per centum (______%) per annum, semi-annually on the\n_________ days of ________ and ______ in each year from the date of this\nbond until it matures. Interest will not be paid on any installment of\nprincipal, or of interest, after the due date thereof. Both the\ninstallments of principal of and the interest on this bond will be paid\nto the (Here insert "bearer" or "registered owner" if the bond is issued\nin registered form) of this bond in lawful money of the United States*\nonly upon presentation of this bond for notation of any such payment\nthereon* (omit language enclosed within asterisks when the bond is sold\nto the United States of America or an agency thereof) at the office of\n________\n (Here insert place or places of payment)\n This bond is a statutory installment bond, the principal sum of which\ncannot exceed Five Million Dollars ($5,000,000) unless it is issued and\nsold to the United States of America or any agency thereof, and is\nissued pursuant to section 62.10 of the Local Finance Law and pursuant\nto a bond resolution entitled "(Here insert title)", duly adopted by the\n(Here insert name of the finance board) of such (Here insert name of the\nissuer) on the ________ day of ___, 20 __. This bond may not be\nconverted into a coupon bond.\n The faith and credit of such (Here insert name of the issuer) are\nhereby irrevocably pledged for the punctual payment of the installments\nof principal of and the interest on this bond according to its terms.\n It is hereby certified and recited that all conditions, acts and\nthings required by the Constitution and statutes of the State of New\nYork to exist, to have happened and to have been performed precedent to\nand in the issuance of this bond, exist, have happened and have been\nperformed, and that this bond, together with all other indebtedness of\nsuch (Here insert name of the issuer) is within every debt and other\nlimit prescribed by the Constitution and laws of such State.\n In Witness Whereof, the (Here insert name of the issuer) has caused\nthis bond to be signed by its (Here insert title of officer) and its\n(Here insert title of officer), and its corporate seal to be hereunto\naffixed and attested by its (Here insert title of attesting officer) and\nto be dated as of the ________ day of _______, 20 __.\n (Name of municipality, school\n district, fire district or\n(Corporate Seal) other district corporation)\n By: (Signature and title of officer)\n and (Signature and title of officer)\nAttest:\n (Signature and title of attesting officer)\n *PRINCIPAL PAYMENTS\nAmount Date Received Received by\n$________ __________, 20 __ _____________________\n (Signature of person\n receiving payment)\n$________ __________, 20 __ _____________________\n (continue as necessary)\n INTEREST PAYMENTS\nAmount Interest to Received by\n$_______ ___________, 20 __ _____________________\n (Signature of person\n receiving payment)\n$_______ ___________, 20 __ _____________________\n (continue as necessary)\n The notations of principal and interest payments may be made on the\nface of the bond, on the reverse side, or on a sheet attached thereto*\n(omit language enclosed within asterisks when the bond is sold to the\nUnited States of America or an agency thereof).\n * c. Notwithstanding any provision of law contained in this chapter to\nthe contrary, statutory installment bonds, in substantially the form\nprovided in this section, may be issued and sold to the New York state\nenvironmental facilities corporation in a principal amount not to exceed\ntwenty million dollars and such bonds shall provide for either a fixed\nrate or, if such bonds provide for serial maturities, at a set rate, for\neach maturity, which rate is fixed on the date of issuance of such\nbonds.\n * NB Repealed September 30, 2026\n