N.Y. Local Finance Law § 40.00: Budget note resolution; form and contents; authorization thereof

§ 40.00 Budget note resolution; form and contents; authorization

thereof. a. The issuance of budget notes or renewals thereof shall be

authorized by a "budget note resolution." Each such resolution shall be

properly dated and shall bear a title which will indicate that it

relates to a budget note.

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

one or more budget note resolutions authorizing the issuance of budget

notes for a specific object or purpose, for which object or purpose

budget notes may be issued. In addition, any municipality may adopt one

or more budget note resolutions authorizing the issuance of budget notes

for a class of objects or purposes set forth in paragraph b, c, d or e

of section 29.00 of this chapter.

c. A budget note resolution shall contain, in substance, at least the

following provisions:

1. A statement setting forth the facts and circumstances necessitating

the issuance of such budget notes and the specific object or purpose or

the class of objects or purposes for which the budget notes to be

authorized by such resolution are to be issued and stating that there

are no other funds available with which to pay or provide for such

object or purpose or class of objects or purposes. Such circumstances

necessitating the issuance of budget notes and such specific object or

purpose shall be described in brief and general terms sufficient for a

reasonable identification.

2. A statement of the amount of budget notes to be issued for such

specific object or purpose or class of objects or purposes.

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

4. If such notes are to be issued in renewal of other notes a

statement that the date of maturity of such notes shall not extend

beyond the applicable period provided in section 29.00 of this chapter

for the maturity of such notes.

d. Every budget note resolution shall be adopted by at least a

majority vote of the voting strength of the finance board. A majority

vote shall be sufficient for the adoption of a resolution authorizing

the renewal of any budget note.