§ 1 — No title

New York § 1

• Jurisdiction: New York
• Law TRY: City of Troy Issuance of Serial Bonds

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Section 1. (a) The city of Troy, Rensselaer county, is hereby\nauthorized to issue serial bonds on or before December 31, 1995 in an\naggregate principal amount not to exceed four million two hundred\nfifty-five thousand dollars for the specific object or purpose of\nliquidating the cumulative deficit of four million two hundred\nfifty-five thousand dollars in its general fund at the close of its\nfiscal year ended December 31, 1993, including any tax anticipation\nnotes which may be part of said deficit. In anticipation of the issuance\nof the serial bonds authorized to be issued in this subdivision, bond\nanticipation notes are hereby authorized to be issued, subject to the\nprovisions of subdivision (a) of section two of this act.\n (b) Further, the city of Troy is hereby authorized to issue serial\nbonds in an aggregate principal amount not to exceed fourteen million\nthree hundred seventy-five thousand dollars for the purpose of\nliquidating a projected deficit to be incurred in its general fund\nduring the 1994 fiscal year, together with preliminary costs, due to\noverestimates of revenues and underestimates of expenditures. In\nanticipation of the issuance of the serial bonds authorized to be issued\nin this subdivision, bond anticipation notes are hereby authorized to be\nissued, subject to the provisions of subdivision (b) of section two of\nthis act.\n (c) Further, the city of Troy is hereby authorized to issue serial\nbonds or term bonds in an aggregate principal amount not to exceed\n$40,000,000 for the purpose of acquiring or causing to be acquired, all\nor a portion of real property leased by the city of Troy pursuant to one\nor more lease agreements between the city of Troy and the Troy local\ndevelopment corporation, including the payment of any judgments or\ncompromised or settled claims against the city relating thereto and\ntogether with preliminary costs plus such amount of serial bonds or term\nbonds necessary to fund the bond reserve fund required by the\ncorporation. In anticipation of the issuance of the serial bonds or\nterm bonds authorized to be issued in this subdivision, bond\nanticipation notes are hereby authorized to be issued.\n (d) Further, the city of Troy is hereby authorized to issue serial\nbonds or term bonds in an aggregate principal amount not to exceed six\nmillion seventy-six thousand dollars for the purpose of liquidating a\nprojected deficit to be incurred in its general fund during the 1995\nfiscal year, together with preliminary costs, due to overestimates of\nrevenues and underestimates of expenditures. In anticipation of the\nissuance of the serial bonds authorized to be issued in this\nsubdivision, bond anticipation notes are hereby authorized to be issued,\nsubject to the provisions of subdivision (b) of section two of this act.\n (e) Whenever this section establishes a limit on the principal amount\nof bonds or notes that the city is authorized to issue, there shall not\nbe counted against such limit (i) amounts determined by the city to be\nused to pay the costs of issuing such bonds or notes, (ii) the amount of\nbonds or notes that would constitute interest under the Internal Revenue\nCode of 1986, as amended, and (iii) the portion of any bonds or notes\nissued to accomplish the purposes described in subdivision (c) of this\nsection to the extent necessary to pay interest to the date of\nredemption or maturity, redemption premium, if any, or other similar\ncosts relating to the accomplishment of such purposes.\n (f) Notwithstanding the bond authorizations contained in this section,\nthe city shall not issue any bonds in excess of the amount authorized by\nsection 104.00 of the local finance law.\n