N.Y. Village Law § 14-1434: Assessments from year to year to pay bond maturities

§ 14-1434 Assessments from year to year to pay bond maturities. Where

a sewerage system to serve part of a village has been financed and

constructed pursuant to a resolution of its board of trustees

authorizing such improvement at the joint expense of such village, the

United States of America and the lands benefited and determining the

portion of such expense to be borne by such lands, and where such

village has issued bonds maturing in annual installments over a period

of fifteen or more years to pay such portion, and such board has adopted

a resolution that the respective amounts of such installments and

interest be assessed from year to year upon such lands, such amounts

shall be so assessed and no part of such expense shall otherwise be or

become a lien upon any such lands. Such board shall annually compute

the amount necessary to pay such principal and interest due and to

become due during the fiscal year and apportion and assess the same upon

such lands in proportion as nearly as may be to the benefit which each

parcel thereof will derive from the construction of such sewerage

system. After making such apportionment such board shall give notice of

the completion thereof and that at a specified time and place a hearing

will be held to consider and review the same. Such board shall meet at

the time and place so specified and hear objections to such

apportionment and modify, correct and file the same in the office of the

village clerk whereupon the same shall be deemed final and conclusive

unless, within fifteen days, an appeal is taken therefrom. Such board

may cause any amount so assessed upon any such parcel to be collected in

the manner provided by law for the collection of assessments for local

improvement or cause the same to be included in an annual tax levy upon

such parcel. An assessment heretofore made as provided herein shall be

deemed valid for all purposes.

Where lateral sewers are constructed at the expense of the village and

property benefited, as an addition to the sewerage system constructed

with federal aid, special assessments may be levied for such laterals

from year to year and the cost thereof apportioned as though said

laterals had constituted a part of the original sewerage system

constructed with federal aid. Nothing contained in this section shall be

construed to prevent the financing of such expense, in whole or in part,

pursuant to the local finance law.