This text of New York § 93.00 (Refunding of urban renewal notes) 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.
§ 93.00 Refunding of urban renewal notes.
a.To the extent that the\nmoneys in anticipation of the receipt of which an urban renewal note or\nnotes have been issued pursuant to section 25.10 of this chapter are not\nreceived by a municipality or are not received in an amount sufficient\nto redeem such notes in full, such notes may be refunded by the issuance\nof serial bonds pursuant to this section.\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\nsubdivision forty-one-a of paragraph a of section 11.00 of this chapter.\nThe last installment of bonds issued pursuant to this section shall\nmature not later than the expiration
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§ 93.00 Refunding of urban renewal notes. a. To the extent that the\nmoneys in anticipation of the receipt of which an urban renewal note or\nnotes have been issued pursuant to section 25.10 of this chapter are not\nreceived by a municipality or are not received in an amount sufficient\nto redeem such notes in full, such notes may be refunded by the issuance\nof serial bonds pursuant to this section.\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\nsubdivision forty-one-a of paragraph a of section 11.00 of this chapter.\nThe last installment of bonds issued pursuant to this section shall\nmature not later than the expiration of the maximum period of probable\nusefulness of such object or purpose as computed from the date of the\nfirst urban renewal note or notes so issued. Such period shall be that\nwhich was in effect at the time the first urban renewal note was issued\nunless such period has been subsequently shortened, in which event the\nshorter period in effect at the time of the issuance of the bonds shall\napply.\n c. 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 sections 33.10, 34.00, 35.00 and 36.00, relating to the\nauthorization, form and content, sale, execution and issuance of serial\nbonds, other than bonds issued pursuant to sections 90.00 and 91.00 of\nthis chapter, shall apply to the authorization, form and content, sale,\nexecution and issuance of such bonds issued pursuant to this section.\nThe bond resolution shall contain a description of the urban renewal\nnote or notes to be refunded in whole or in part.\n d. In the event that a municipality, after the issuance pursuant to\nthis section of any bonds to refund any outstanding urban renewal note\nor notes, shall receive or collect any moneys in anticipation of the\nreceipt of which such urban renewal note or notes were issued, such\nmoneys shall be set aside in a special bank account to be used only for\nthe payment of the principal of and interest on such bonds.\n