N.Y. Village Law § 5-512: Financing interim fiscal period

§ 5-512 Financing interim fiscal period. l. Whenever the fiscal year

of a village is changed by action of the board of trustees taken

pursuant to section 5-510 of this article, the current fiscal year shall

be automatically extended to include the interim period between the last

day of the current fiscal year and the first day of the new fiscal year,

unless the board of trustees shall elect to treat such interim period as

a separate fiscal year, as provided in subdivision three of this

section.

2. The board of trustees may raise all or part of the amount necessary

to pay the obligations and other expenses of the village for the interim

period by the issuance of obligations pursuant to the local finance law;

provided, however, that revenues and other income resulting from special

assessments for capital projects or from operation of revenue producing

undertakings, enterprises and utilities, including but not limited to

water supply, sewerage, electric, steam or gas, for which obligations

may become due during the interim period shall be applicable to payment

of obligations and expenses therefor as provided by law and to that

extent bonds or notes shall not be issued therefor.

3. The board of trustees may treat such interim period as a separate

fiscal year, in which case all of the provisions of this article and of

the real property tax law relative to the preparation of a budget and

the assessment, levy and collection of taxes shall apply to such interim

period; provided, however, that the amount to be raised by tax on real

estate in any such interim period shall not exceed the limitations

prescribed by article eight of the constitution, divided by twelve and

multiplied by the number of months contained in such interim period.