N.Y. Local Finance Law § 56.00: Agency selling and issuing obligations

§ 56.00 Agency selling and issuing obligations. a. The finance board

shall be vested with the powers and duties prescribed in sections 21.00,

57.00, 58.00, 59.00, 60.00, 62.00 and 63.00 of this chapter, and any

other powers or duties pertaining or incidental to the sale and issuance

of obligations. However, the finance board of any municipality, school

district or district corporation may, by resolution, delegate all or

part of such powers and duties to the chief fiscal officer or, in the

case of school districts, to the clerk of the school board, in which

event such chief fiscal officer or clerk of the school board, as the

case may be, shall exercise such powers and perform such duties until

the finance board shall, by resolution, elect to reassume the same.

b. In such instances in which the chief fiscal officer or clerk of the

school board, as the case may be, exercises such powers and performs

such duties, the same shall be exercised or performed subject to such

terms and conditions, not inconsistent with the provisions of this

chapter, as the finance board may prescribe.

c. In the case of river improvement or drainage districts established

by or under the supervision of the conservation department, the

provisions of this chapter shall be followed, but the obligations

authorized and prescribed by the finance board shall be sold and issued

by the state comptroller.