N.Y. Local Finance Law § 31.00: Bond resolution and capital note resolution

§ 31.00 Bond resolution and capital note resolution. a. The issuance

of bonds shall be authorized by a "bond resolution." The issuance of

capital notes or renewals thereof shall be authorized by "a capital note

resolution." However, if capital notes are to be issued for the same

object or purpose for which bonds are to be issued, the issuance of such

capital notes may be authorized by the bond resolution authorizing the

issuance of such bonds.

b. Any municipality, school district or district corporation may adopt

one or more bond resolutions or capital note resolutions authorizing the

issuance of bonds or capital notes for a specific object or purpose, for

which object or purpose serial bonds may be issued. In addition thereto

any municipality or school district may adopt one or more bond

resolutions or capital note resolutions authorizing the issuance of

bonds or capital notes for any class of objects or purposes, for which

objects or purposes serial bonds may be issued.

c. The issuance of obligations for a capital improvement and for the

acquisition of land or permanent rights in land for such improvement may

be authorized by the same bond resolution or capital note resolution,

notwithstanding the fact that the subdivision of paragraph a of section

11.00 of this chapter which sets forth the period of probable usefulness

for such capital improvement does not include therein the acquisition of

land or permanent rights in land for such improvement.

d. The issuance of bonds or capital notes for two or more specific

objects or purposes or two or more classes of objects or purposes may be

authorized by the same bond resolution or capital note resolution,

notwithstanding the fact that such specific objects or purposes or

classes of objects or purposes are described in separate subdivisions of

paragraph a of section 11.00 of this chapter, provided:

1. The maximum period of probable usefulness is five years or less, as

determined by paragraph a of such section 11.00 or pursuant to paragraph

b of such section, or

2. The bond resolution or the capital note resolution, as the case may

be, is not subject to either mandatory or permissive referendum.