N.Y. Local Finance Law § 30.00: Agency authorizing issuance of obligations

§ 30.00 Agency authorizing issuance of obligations. a. The finance

board shall have the power to authorize the issuance of bonds and notes.

However, the finance board may, by resolution, delegate such power in

relation to bond anticipation notes, tax anticipation notes, revenue

anticipation notes or urban renewal notes or the renewals thereof, to

the chief fiscal officer, in which event the chief fiscal officer shall

exercise such power until the finance board, by resolution, shall elect

to reassume the same.

b. Whenever the power to authorize the issuance of any of such notes,

or the renewals thereof, has been delegated to the chief fiscal officer,

no such note, or such renewal note, authorized by such officer pursuant

to such power shall be issued unless such officer shall have first filed

with the finance board a certificate authorizing the issuance of such

note, or such renewal note. Such certificate shall contain in substance

at least the same statements and provisions as a finance board would be

required to incorporate in a resolution adopted by it in compliance with

section 38.10 or section 39.00 of this chapter and, in addition, a

statement that the power delegated to such officer to issue such note,

or such renewal note, is in full force and effect and has not been

modified, amended or revoked. Such certificate shall be properly dated

and signed by the chief fiscal officer and the same shall be a public

record. The failure to have first filed such certificate with the

finance board as hereinbefore provided shall not invalidate the issuance

of any such note.

c. In such instances in which the chief fiscal officer exercises such

power, the same shall be exercised subject to such terms and conditions,

not inconsistent with the provisions of this chapter, as the finance

board may prescribe.