N.Y. Local Finance Law § 38.10: Bond anticipation note resolution; form and contents

§ 38.10 Bond anticipation note resolution; form and contents.

Whenever the finance board shall authorize the issuance of bond

anticipation notes or renewals thereof, it shall do so by a "bond

anticipation note resolution." Each such resolution shall be properly

dated and shall bear a title which will indicate that it relates to a

bond anticipation note. Whenever a bond anticipation note has been duly

authorized by a chief fiscal officer the certificate required to be

filed by such officer pursuant to section 30.00 of this chapter shall

bear a title which will indicate that it relates to a bond anticipation

note. Every such resolution shall contain, in substance, at least the

following provisions:

1. A statement of the specific object or purpose or the class of

objects or purposes for which the obligations to be authorized by such

resolution are to be issued. Such specific object or purpose shall be

described in brief and general terms sufficient for a reasonable

identification.

2. A specific reference to the bond resolution or resolutions

authorizing the bonds in anticipation of the sale of which such notes

are to be issued.

3. A statement of the amount of bonds to be issued for such specific

object or purpose or class of objects or purposes and whether such bonds

are to be serial or sinking fund bonds.

4. A statement of the amount of such bond anticipation notes to be

issued.

5. A statement of the amount of bond anticipation notes which are

outstanding which had been previously issued in anticipation of the sale

of such bonds.

6. A statement as to whether or not such notes are renewal notes and

if they are, the date of issuance of the original notes issued in

anticipation of the sale of such bonds.

7. A statement of the period of maturity of such notes.

8. A statement indicating whether or not such notes are issued in

anticipation of bonds for an assessable improvement.