This text of New York § 92.00 (Refunding of bond anticipation notes issued by a school district prior to annexation or consolidation) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 92.00 Refunding of bond anticipation notes issued by a school\ndistrict prior to annexation or consolidation.
a.Where serial bonds\nhave been authorized by a school district to finance an object or\npurpose and in anticipation of the issuance of such bonds the school\ndistrict has issued a bond anticipation note or notes and subsequent to\nthe issuance and prior to the maturity of such note or notes such school\ndistrict has been annexed to an adjoining district or adjoining\ndistricts as provided in section fifteen hundred five of the education\nlaw or consolidated as provided in section fifteen hundred twelve or\nsection fifteen hundred twenty-two or section fifteen hundred twenty-six\nof the education law, the enlarged school district formed by such\nannexation or consolidation ma
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§ 92.00 Refunding of bond anticipation notes issued by a school\ndistrict prior to annexation or consolidation. a. Where serial bonds\nhave been authorized by a school district to finance an object or\npurpose and in anticipation of the issuance of such bonds the school\ndistrict has issued a bond anticipation note or notes and subsequent to\nthe issuance and prior to the maturity of such note or notes such school\ndistrict has been annexed to an adjoining district or adjoining\ndistricts as provided in section fifteen hundred five of the education\nlaw or consolidated as provided in section fifteen hundred twelve or\nsection fifteen hundred twenty-two or section fifteen hundred twenty-six\nof the education law, the enlarged school district formed by such\nannexation or consolidation may issue its serial bonds pursuant to this\nsection for the object or purpose of refunding such bond anticipation\nnote or notes.\n b. It is hereby determined that the period of probable usefulness of\nthe object or purpose for which bonds may be issued pursuant to this\nsection is the same as the period of probable usefulness specified in\nparagraph a of section 11.00 of this chapter for the object or purpose\nfor which the serial bonds were authorized by such school district prior\nto its annexation or consolidation. The last installment of bonds issued\npursuant to this section shall mature not later than the expiration of\nthe maximum period of probable usefulness of such object or purpose.\nSuch period shall be that which was in effect at the time the first bond\nanticipation note was issued unless such period has been subsequently\nshortened, in which event the shorter period in effect at the time of\nthe issuance of the bonds shall apply.\n c. Bonds issued pursuant to this section shall be issued within five\nyears after the date of issuance of the first such bond anticipation\nnote and the first installment thereof shall mature not later than\neighteen months after the date of issuance of such bonds or five years\nafter the date of issuance of the first such note, whichever is the\nearlier. No annual installment of such bonds shall be more than fifty\nper centum in excess of the smallest prior installment.\n d. Bonds issued pursuant to this section shall not be designated as\nrefunding bonds but shall contain a recital that they are issued\npursuant to this section. The provisions of this chapter, including but\nnot limited to section 37.00, relating to the authorization, form and\ncontent, sale, execution and issuance of serial bonds, other than bonds\nissued pursuant to sections 90.00 and 91.00 of this chapter, shall apply\nto the authorization, form and content, sale, execution and issuance of\nsuch bonds issued pursuant to this section. The bond resolution shall\ncontain a description of the bond anticipation note or notes to be\nrefunded and a statement of the maximum period of probable usefulness of\nthe object or purpose for which the bond anticipation note or notes were\nissued and which was in effect on the date of issuance of the first bond\nanticipation note and that which will be in effect on the date of\nissuance of the bonds.\n e. The object or purpose for which bonds may be issued pursuant to\nthis section shall constitute a specific object or purpose within the\nmeaning of said term as used in this chapter.\n