N.Y. Local Finance Law § 81.00: Bond resolution, or note resolution or certificate, containing estoppel clause; publication and notice

§ 81.00 Bond resolution, or note resolution or certificate, containing

estoppel clause; publication and notice. a. If a resolution of a finance

board authorizing the issuance of bonds or notes or the certificate of a

chief fiscal officer authorizing the issuance of notes contains the

statement referred to in section 80.00 of this chapter, such resolution

after adoption, or a summary of such resolution, or such certificate

after its execution and filing, shall be published in full by the clerk

of the municipality, school district or district corporation or such

other official or person as the finance board or such fiscal officer may

designate, together with a notice in substantially the following form:

"The resolution (or the resolution a summary of which is) (or

certificate) published herewith has been adopted (or authorized) on

the day of , 19 , and the validity of the obligations authorized

by such resolution (or certificate) may be hereafter contested only if

such obligations were authorized for an object or purpose for which the

(Here insert name of municipality, school district or district

corporation) is not authorized to expend money or if the provisions of

law which should have been complied with as of the date of publication

of this notice were not substantially complied with, and an action, suit

or proceeding contesting such validity is commenced within twenty days

after the date of publication of this notice, or such obligations were

authorized in violation of the provisions of the constitution.

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(Clerk or other official or person designated by the finance board or

chief fiscal officer)"

If a summary of such resolution is published as provided in this

section, such summary shall list the class or classes of objects or

purposes for which the obligations to be authorized by such resolution

are to be issued together with the period or periods of probable

usefulness and the amount of obligations to be issued for each such

class of objects or purposes, and in addition, such summary shall state

an office of the municipality, school district or district corporation

where the resolution summarized thereby shall be available for public

inspection. Such resolution shall be kept available for public

inspection at such office during normal business hours for twenty days

following the publication of such summary as provided in this title.

b. However, if such resolution is subject to a mandatory or permissive

referendum, or is submitted to a referendum by the finance board on its

own motion, such resolution or summary thereof shall not be published

together with such notice until it shall have been approved at such a

referendum or, in the case of a resolution subject to a permissive

referendum, until the period of time shall have elapsed for the

submission and filing of a petition for a permissive referendum and a

valid petition shall not have been submitted and filed, and such notice

shall state that such resolution has been approved at such a referendum

or, in the case of a resolution subject to a permissive referendum, that

the period of time has elapsed for the submission and filing of a

petition for a permissive referendum and a valid petition has not been

submitted and filed, as the case may be.

c. If any bond resolution or capital note resolution does not contain

a determination of the period of probable usefulness of the specific

object or purpose or class of objects or purposes for which such

resolution authorizes the issuance of obligations, there shall be

published, together with such resolution or summary thereof and notice,

the certificate of the appropriate body or official containing such

determination.

d. Such publication as shall be required by this section shall be in

the official newspaper or newspapers of the municipality, school

district or district corporation or if there be no such newspaper or

newspapers, then in such newspaper or newspapers having a general

circulation in the municipality, school district or district corporation

as the finance board shall designate.