N.Y. City of Troy Issuance of Serial Bonds § 1: No title

Section 1. (a) The city of Troy, Rensselaer county, is hereby

authorized to issue serial bonds on or before December 31, 1995 in an

aggregate principal amount not to exceed four million two hundred

fifty-five thousand dollars for the specific object or purpose of

liquidating the cumulative deficit of four million two hundred

fifty-five thousand dollars in its general fund at the close of its

fiscal year ended December 31, 1993, including any tax anticipation

notes which may be part of said deficit. In anticipation of the issuance

of the serial bonds authorized to be issued in this subdivision, bond

anticipation notes are hereby authorized to be issued, subject to the

provisions of subdivision (a) of section two of this act.

(b) Further, the city of Troy is hereby authorized to issue serial

bonds in an aggregate principal amount not to exceed fourteen million

three hundred seventy-five thousand dollars for the purpose of

liquidating a projected deficit to be incurred in its general fund

during the 1994 fiscal year, together with preliminary costs, due to

overestimates of revenues and underestimates of expenditures. In

anticipation of the issuance of the serial bonds authorized to be issued

in this subdivision, bond anticipation notes are hereby authorized to be

issued, subject to the provisions of subdivision (b) of section two of

this act.

(c) Further, the city of Troy is hereby authorized to issue serial

bonds or term bonds in an aggregate principal amount not to exceed

$40,000,000 for the purpose of acquiring or causing to be acquired, all

or a portion of real property leased by the city of Troy pursuant to one

or more lease agreements between the city of Troy and the Troy local

development corporation, including the payment of any judgments or

compromised or settled claims against the city relating thereto and

together with preliminary costs plus such amount of serial bonds or term

bonds necessary to fund the bond reserve fund required by the

corporation. In anticipation of the issuance of the serial bonds or

term bonds authorized to be issued in this subdivision, bond

anticipation notes are hereby authorized to be issued.

(d) Further, the city of Troy is hereby authorized to issue serial

bonds or term bonds in an aggregate principal amount not to exceed six

million seventy-six thousand dollars for the purpose of liquidating a

projected deficit to be incurred in its general fund during the 1995

fiscal year, together with preliminary costs, due to overestimates of

revenues and underestimates of expenditures. In anticipation of the

issuance of the serial bonds authorized to be issued in this

subdivision, bond anticipation notes are hereby authorized to be issued,

subject to the provisions of subdivision (b) of section two of this act.

(e) Whenever this section establishes a limit on the principal amount

of bonds or notes that the city is authorized to issue, there shall not

be counted against such limit (i) amounts determined by the city to be

used to pay the costs of issuing such bonds or notes, (ii) the amount of

bonds or notes that would constitute interest under the Internal Revenue

Code of 1986, as amended, and (iii) the portion of any bonds or notes

issued to accomplish the purposes described in subdivision (c) of this

section to the extent necessary to pay interest to the date of

redemption or maturity, redemption premium, if any, or other similar

costs relating to the accomplishment of such purposes.

(f) Notwithstanding the bond authorizations contained in this section,

the city shall not issue any bonds in excess of the amount authorized by

section 104.00 of the local finance law.