N.Y. Local Finance Law § 41.00: Repeal of unexpended authorizations

§ 41.00 Repeal of unexpended authorizations. a. The finance board of:

1. Any municipality may at any time, by resolution, repeal or revoke

in whole or in part (a) any resolution heretofore or hereafter adopted

authorizing the issuance of obligations, and (b) any certificate of a

chief fiscal officer authorizing the issuance of obligations, dated on

or after the effective date of this chapter, or

2. Any school district may, by resolution, repeal or revoke in whole

or in part (a) any resolution heretofore or hereafter adopted

authorizing the issuance of obligations, at any time after four years

have elapsed from the date of the adoption of any such resolution, and

(b) any certificate of a chief fiscal officer authorizing the issuance

of obligations, dated on or after the effective date of this chapter, at

any time after four years have elapsed from the date of any such

certificate, or

3. Any district corporation may at any time, by resolution, repeal or

revoke in whole or in part (a) any resolution heretofore or hereafter

adopted authorizing the issuance of obligations, and (b) any certificate

of a chief fiscal officer authorizing the issuance of obligations, dated

on or after the effective date of this chapter,

except to the extent that any indebtedness shall already have been

contracted or encumbrances made thereunder for the object or purpose for

which such resolution or certificate authorizes the issuance of

obligations, whether or not the voting of a special tax or a tax to be

collected in installments or the approval of a proposition for the

expenditure of money, at a regular or special election or meeting, was a

condition precedent to the adoption of such resolution or such

resolution subsequent to the adoption thereof was submitted and approved

at a regular or special election or meeting.

b. Any resolution heretofore or hereafter adopted authorizing the

issuance of obligations, or any certificate of a chief fiscal officer

authorizing the issuance of obligations, dated on or after the effective

date of this chapter, unless repealed or revoked at a prior date in the

manner provided in paragraph a of this section, shall be deemed to be

repealed ten years after the date it becomes effective, except to the

extent that any indebtedness shall already have been contracted or

encumbrances made thereunder for the object or purpose for which such

resolution or certificate authorizes the issuance of obligations.