N.Y. Local Finance Law § 172.00: Authorizations continued

§ 172.00 Authorizations continued. a. Any authorization adopted by a

municipality, school district or district corporation prior to the

effective date of this chapter for an object or purpose for which bonds,

notes, certificates or other evidences of indebtedness are to be issued

shall not lapse or terminate or be otherwise affected by reason of any

of the provisions contained in this chapter and bonds, notes,

certificates or other evidences of indebtedness may be authorized, sold

or issued to finance such object or purpose in accordance with the

provisions of law in force prior to the effective date of this chapter,

or in accordance with the provisions of this chapter. Such obligations

may be renewed in accordance with the provisions of law in force prior

to the effective date of this chapter, or in accordance with the

provisions of this chapter.

b. Any authorization adopted by a municipality, school district or

district corporation prior to the effective date of this chapter for the

issuance of bonds, notes, certificates or other evidences of

indebtedness or for the disposition or expenditure of the proceeds

thereof, shall not lapse or terminate or be otherwise affected by reason

of any of the provisions of this chapter and bonds, notes, certificates

or other evidences of indebtedness authorized to be issued thereunder

may be authorized, sold, issued or renewed and the proceeds thereof may

be disposed of or expended in accordance with the provisions of law in

force prior to the effective date of this chapter, or in accordance with

the provisions of this chapter.

c. Any municipality, school district or district corporation instead

of issuing tax anticipation notes or revenue anticipation notes in

accordance with the provisions of this chapter may issue bonds, notes,

certificates or other evidences of indebtedness, in accordance with the

provisions of law in force prior to the effective date of this chapter,

in anticipation of the collection of (1) real estate taxes or

assessments levied for a fiscal year which commenced prior to the

effective date of this chapter and will end subsequent thereto and prior

to the expiration of one year from the effective date of this chapter,

(2) real estate taxes returned or certified during such fiscal year, or

(3) taxes other than real estate taxes, or other revenues to become due

during such fiscal year. Such obligations, and obligations issued prior

to the effective date of this chapter, in anticipation of the collection

of real estate taxes, assessments, taxes other than real estate taxes,

or other revenues, may be renewed from time to time in accordance with

the provisions of law in force prior to the effective date of this

chapter, or in accordance with the provisions of this chapter.

d. If a municipality, fire district or school district having an

aggregate assessed valuation of real property of one hundred thousand

dollars or over, sells bonds in accordance with the provisions of a law

other than this chapter as provided in paragraph a, b and c of this

section, and if such bonds are required to be sold at public sale, it

shall comply with the provisions of section 109.00 of this chapter as to

the filing of a verified debt statement.