N.Y. Local Finance Law § 39.00: Tax anticipation note resolution, revenue anticipation note resolution and urban renewal note resolution; form and contents

§ 39.00 Tax anticipation note resolution, revenue anticipation note

resolution and urban renewal note resolution; form and contents. a.

Whenever the finance board shall authorize the issuance of tax

anticipation notes, revenue anticipation notes or urban renewal notes,

or the renewal of such notes, it shall do so by a "tax anticipation note

resolution", "a revenue anticipation note resolution" or an "urban

renewal note resolution", as the case may be. Each such resolution shall

be properly dated and shall bear a title which will indicate the type of

note to which it relates. Whenever any such 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 the type of note to which it relates.

b. A tax anticipation note resolution, revenue anticipation note

resolution or an urban renewal note resolution shall contain, in

substance, the following provisions:

1. A statement that such notes are issued in anticipation of:

(a) The collection of real estate taxes or assessments, in the case of

tax anticipation notes;

(b) The collection of revenues other than real estate taxes or

assessments, in the case of revenue anticipation notes; or

(c) The receipt of moneys from (1) the sale of real property, or any

interest therein, acquired for or incidental to an urban renewal

project; or (2) from the United States government pursuant to title one

of the federal housing act of nineteen hundred forty-nine, as amended;

or (3) from the state of New York pursuant to the general municipal law;

or from any or all such sources, in the case of urban renewal notes.

2. (a) In the case of tax anticipation notes:

(1) If such taxes or assessments were levied or are to be levied for a

fiscal year, a statement of the fiscal year for which such taxes or

assessments were levied or are to be levied, or

(2) If such notes are to be issued in anticipation of the collection

of assessments levied for a capital improvement and to be collected in a

single installment, and, if such assessments have been levied, a

statement of the date of the levy of such assessments, or

(3) If such notes are to be issued in anticipation of the collection

of an installment of assessments which are levied for a capital

improvement and which are to be collected in several installments, and,

if such installment of assessments has been levied, a statement of the

date on which such installment is due and payable.

(b) In the case of revenue anticipation notes, a statement of the

fiscal year in which such revenues are due and payable.

3. (a) In the case of tax anticipation notes, if such taxes or

assessments have been levied, a statement of the amount of such taxes or

assessments remaining uncollected against which such notes are

authorized to be issued.

(b) In the case of revenue anticipation notes, a statement of the

amount of uncollected revenues against which such notes are authorized

to be issued.

(c) In the case of urban renewal notes, a statement of (1) the total

estimated cost of the urban renewal project as stated in the certificate

of the chief fiscal officer of the municipality filed and approved in

the manner prescribed in paragraph d of section 25.10 of this chapter;

(2) the total amount of any and all advances, loans and grants made by

the United States government or by the state of New York in aid of such

project to the municipality prior to and including the date of the

issuance of any such note or notes; (3) the amount of any and all local

grants-in-aid made or to be made for such project; and (4) the total

amount of such notes outstanding for such project.

4. In the case of urban renewal notes, a statement identifying the

particular urban renewal project with respect to which such notes are to

be issued.

5. A statement of the amount of such notes to be issued.

6. A statement of the period of maturity on such notes.

7. (a) In the case of tax anticipation notes issued in anticipation of

the collection of taxes or assessments which have been levied, or the

renewals thereof, a statement that the date of maturity of such notes

shall not extend beyond the close of the applicable period provided in

section 24.00 of this chapter for the maturity of such notes.

(b) In the case of revenue anticipation notes, if such notes are to be

issued in renewal of similar notes, a statement that the date of

maturity of such notes shall not extend beyond the expiration of the

second fiscal year succeeding the fiscal year in which such original

notes were issued.

(c) In the case of urban renewal notes, a statement whether such notes

are renewal notes and, if they are, the date of issuance of the original

notes.