N.Y. Local Finance Law § 62.10: Statutory installment bonds

§ 62.10 Statutory installment bonds. a. Notwithstanding any other

provisions of this chapter, if the principal amount for an object or

purpose, or objects or purposes, or class or classes thereof, to be

financed by the issuance of bonds does not exceed five million dollars

in the aggregate, a single bond, to be known as a statutory installment

bond, may be issued for the full principal amount, if the issue is to be

sold at private sale. Any such bond shall provide for the payment of

both the principal and interest upon presentation of the bond for

notation of such payments thereon, except that such a statutory

installment bond may be issued and sold to the United States of America

or any agency thereof in any amount and that such principal and interest

shall be payable without such presentation.

b. A statutory installment bond, in bearer, if authorized by federal

law, or registered form, shall be in terms, form and contents,

substantially as follows:

Statutory United States of America $ (Here insert full

Installment State of New York amount of bond

Bond County of issue)

(Here insert name of the issuer)

(Here insert type of bond and year, such as "Highway Machinery Serial

Bond--1976")

The (Here insert name of the issuer), in the County of ___________, a

(Here insert whether a municipality, school district, fire district or

other district corporation) of the State of New York, hereby

acknowledges itself indebted and for value received promises to pay to

(Here insert "bearer" or the name of registered owner if the bond is

issued in registered form) the principal sum of __________________

Dollars ($________) (in (_____) equal annual installments of __________

Dollars ($________) on the ________ day of ____ in the years 20__ __, to

20 __, inclusive)

or

(in________(___) annual installments (Here state the amounts, the annual

principal payment date, and the years in which the principal payments

will be made. No annual installment shall be more than fifty per centum

in excess of the smallest prior installment unless the finance board has

determined to provide for substantially level or declining annual debt

service, in which case the aggregate amount of debt service payable in

any year shall not exceed the lowest aggregate amount of debt service

payable in any prior year by more than five percent))

and to pay interest on the unpaid balance of such principal sum at the

rate of ______ per centum (______%) per annum, semi-annually on the

_________ days of ________ and ______ in each year from the date of this

bond until it matures. Interest will not be paid on any installment of

principal, or of interest, after the due date thereof. Both the

installments of principal of and the interest on this bond will be paid

to the (Here insert "bearer" or "registered owner" if the bond is issued

in registered form) of this bond in lawful money of the United States*

only upon presentation of this bond for notation of any such payment

thereon* (omit language enclosed within asterisks when the bond is sold

to the United States of America or an agency thereof) at the office of

________

(Here insert place or places of payment)

This bond is a statutory installment bond, the principal sum of which

cannot exceed Five Million Dollars ($5,000,000) unless it is issued and

sold to the United States of America or any agency thereof, and is

issued pursuant to section 62.10 of the Local Finance Law and pursuant

to a bond resolution entitled "(Here insert title)", duly adopted by the

(Here insert name of the finance board) of such (Here insert name of the

issuer) on the ________ day of ___, 20 __. This bond may not be

converted into a coupon bond.

The faith and credit of such (Here insert name of the issuer) are

hereby irrevocably pledged for the punctual payment of the installments

of principal of and the interest on this bond according to its terms.

It is hereby certified and recited that all conditions, acts and

things required by the Constitution and statutes of the State of New

York to exist, to have happened and to have been performed precedent to

and in the issuance of this bond, exist, have happened and have been

performed, and that this bond, together with all other indebtedness of

such (Here insert name of the issuer) is within every debt and other

limit prescribed by the Constitution and laws of such State.

In Witness Whereof, the (Here insert name of the issuer) has caused

this bond to be signed by its (Here insert title of officer) and its

(Here insert title of officer), and its corporate seal to be hereunto

affixed and attested by its (Here insert title of attesting officer) and

to be dated as of the ________ day of _______, 20 __.

(Name of municipality, school

district, fire district or

(Corporate Seal) other district corporation)

By: (Signature and title of officer)

and (Signature and title of officer)

Attest:

(Signature and title of attesting officer)

*PRINCIPAL PAYMENTS

Amount Date Received Received by

$________ __________, 20 __ _____________________

(Signature of person

receiving payment)

$________ __________, 20 __ _____________________

(continue as necessary)

INTEREST PAYMENTS

Amount Interest to Received by

$_______ ___________, 20 __ _____________________

(Signature of person

receiving payment)

$_______ ___________, 20 __ _____________________

(continue as necessary)

The notations of principal and interest payments may be made on the

face of the bond, on the reverse side, or on a sheet attached thereto*

(omit language enclosed within asterisks when the bond is sold to the

United States of America or an agency thereof).

* c. Notwithstanding any provision of law contained in this chapter to

the contrary, statutory installment bonds, in substantially the form

provided in this section, may be issued and sold to the New York state

environmental facilities corporation in a principal amount not to exceed

twenty million dollars and such bonds shall provide for either a fixed

rate or, if such bonds provide for serial maturities, at a set rate, for

each maturity, which rate is fixed on the date of issuance of such

bonds.

* NB Repealed September 30, 2029