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0 chapters · 164 sections in this title.
N.Y. Local Finance Law § 160.05 Financial restructuring board for local governments
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§ 160.05. Financial restructuring board for local governments. 1. There shall be a financial restructuring board for local governments which shall consist of ten members: the director of the budget who shall be chair of the board, the attorney general, the state comptroller, and…
N.Y. Local Finance Law § 160.10 Delegation to a deputy
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§ 160.10 Delegation to a deputy. Whenever pursuant to this chapter the finance board delegates any power or duty to the chief fiscal officer, unless the finance board specifies otherwise when it makes such delegation, the chief fiscal officer may authorize a deputy to exercise s…
N.Y. Local Finance Law § 161.00 Negotiability of obligations
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§ 161.00 Negotiability of obligations. All bonds and notes of a municipality, school district or district corporation, including notes issued by a city school district pursuant to section 26.00 of this chapter, whether payable to bearer or in registered form, shall be negotiable…
N.Y. Local Finance Law § 162.00 Exemption from taxation
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§ 162.00 Exemption from taxation. All bonds and notes of a municipality, school district or district corporation, until payable, and the interest thereon, shall be exempt from taxation for municipal and state purposes.
N.Y. Local Finance Law § 163.00 Record of obligations
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§ 163.00 Record of obligations. a. The chief fiscal officer in counties and cities, the clerk in towns and villages, the clerk or secretary or such other officer as the finance board shall designate in school districts and district corporations, shall keep a complete record of e…
N.Y. Local Finance Law § 164.00 Reissuance of lost, destroyed, partially destroyed or defaced obligations
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§ 164.00 Reissuance of lost, destroyed, partially destroyed or defaced obligations. a. The finance board may issue a new bond, note or coupon to replace one lost, destroyed, partially destroyed or defaced. However, the finance board may, by resolution, delegate such power to the…
N.Y. Local Finance Law § 165.00 Deposit and use of proceeds from sale of bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes
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§ 165.00 Deposit and use of proceeds from sale of bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes. a. The proceeds, inclusive of premiums, from the sale of bonds, bond anticipation notes, capital notes, urban renewal notes or budget notes shall…
N.Y. Local Finance Law § 165.10 Advances from funds
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§ 165.10. Advances from funds. If there are funds of a municipality, school district or district corporation, other than: 1. The proceeds of bonds, bond anticipation notes, capital notes, urban renewal notes and budget notes, and 2. Funds which, by law, may be used only for stat…
N.Y. Local Finance Law § 165.20 Exchange of certain bonds or notes
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§ 165.20 Exchange of certain bonds or notes. Notwithstanding any other provisions of this chapter, the city of New York prior to July first, nineteen hundred eighty-two shall be authorized to exchange bonds or notes of such city for any notes of such city held by the municipal a…
N.Y. Local Finance Law § 166.00 Action against municipal officers
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§ 166.00 Action against municipal officers. a. The holder in due course of any bond, note or interest bearing coupon issued due to the malfeasance, misfeasance, or negligence of any officer of a municipality, school district or district corporation, whose cause of action thereon…
N.Y. Local Finance Law § 167.00 Action against municipality; appeals
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§ 167.00 Action against municipality; appeals. An appeal from a judgment in an action against a municipality, school district or district corporation on a bond, note or interest bearing coupon, may be taken by any person bound as a privy by such judgment, within sixty days after…
N.Y. Local Finance Law § 168.00 Agreements for credit enhancement
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§ 168.00 Agreements for credit enhancement. a. The finance board of any municipality, school district or district corporation (herein a "public body") is hereby authorized and empowered to enter into such agreements as it deems reasonable and appropriate, with any department or …
N.Y. Local Finance Law § 169.00 Installment loans and obligations evidencing installment loans
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* § 169.00 Installment loans and obligations evidencing installment loans. a. Notwithstanding the provisions of any other law, general, special or local, inconsistent with this section, relating to the power of municipalities to enter into contracts and to contract indebtedness,…
N.Y. Local Finance Law § 170.00 Local legislation relating to local finance
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§ 170.00 Local legislation relating to local finance. Any county, city, town or village may adopt local laws: 1. Imposing duties in addition to those imposed by this chapter, 2. Altering duties imposed by this chapter so as to make them more stringent, or 3. Restricting or prohi…
N.Y. Local Finance Law § 171.00 Continuity of powers and duties
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§ 171.00 Continuity of powers and duties. a. Any agency, board, commission or official to whom are assigned by this chapter any powers and duties shall exercise such powers and duties in continuation of their exercise by the agency, board, commission or official by which the sam…
N.Y. Local Finance Law § 172.00 Authorizations continued
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§ 172.00 Authorizations continued. a. Any authorization adopted by a municipality, school district or district corporation prior to the effective date of this chapter for an object or purpose for which bonds, notes, certificates or other evidences of indebtedness are to be issue…
N.Y. Local Finance Law § 173.00 Pending actions, suits and proceedings not affected
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§ 173.00 Pending actions, suits and proceedings not affected. No action, suit or proceeding, pending at the time when this chapter shall take effect, brought by or against a municipality, school district or district corporation or any agency, board, commission or official thereo…
N.Y. Local Finance Law § 174.00 Previously authorized obligations not affected; redemption of outstanding obligations
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§ 174.00 Previously authorized obligations not affected; redemption of outstanding obligations. The repeal by this chapter of any act authorizing the issuance of bonds, notes, certificates or other evidences of indebtedness heretofore authorized, issued or sold shall not be cons…
N.Y. Local Finance Law § 175.00 Acts legalized or validated not affected
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§ 175.00 Acts legalized or validated not affected. The repeal by this chapter of any provisions of law legalizing or validating any act done or committed shall in no way affect or impair such legalization or validation.
N.Y. Local Finance Law § 176.00 Local finance law to be the exclusive law
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§ 176.00 Local finance law to be the exclusive law. Except as otherwise provided in this article, all statutes, local laws, ordinances, rules and regulations, insofar as they relate to the matters herein contained, are hereby superseded, it being the legislative intent that this…
N.Y. Local Finance Law § 177.00 Laws repealed; legislative intent
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§ 177.00 Laws repealed; legislative intent. a. Of the laws enumerated in schedule A annexed hereto, that portion specified in the last column is hereby repealed. b. It is the intent of the legislature, in enacting such schedule of repeals, specifically to repeal such laws as may…
N.Y. Local Finance Law § 178.00 Effect of hyphen in schedule of laws repealed
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§ 178.00 Effect of hyphen in schedule of laws repealed. When two numbers in the schedule of repeals hereto annexed are connected by a hyphen both such numbers are included as well as all intermediate numbers.
N.Y. Local Finance Law § 179.00 Model forms of obligations
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§ 179.00 Model forms of obligations. The model form of a coupon bond and the model form of a note payable to bearer contained in schedule B annexed hereto may be used, but this section shall not be construed to prevent or invalidate the use of other forms in lieu thereof. Both o…
N.Y. Local Finance Law § 180.00 Law to be liberally construed
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§ 180.00 Law to be liberally construed. This chapter shall be liberally construed to effectuate the objects and purposes thereof and the public policy of the state as hereby declared.
N.Y. Local Finance Law § 181.00 Separability
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§ 181.00 Separability. If any clause, sentence, subdivision, paragraph, section or part of this chapter be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its oper…
N.Y. Local Finance Law § 182.00 When to take effect
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§ 182.00 When to take effect. This act shall take effect September first, nineteen hundred forty-five.
N.Y. Local Finance Law § 2.00 Definitions
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§ 2.00 Definitions. As used in this chapter: 1. The term "municipality" shall mean a county, city, town or village. 2. The term "school district" shall mean any school district, except the school districts of the cities of New York, Buffalo, Rochester, Syracuse and Yonkers. 2-a.…
N.Y. Local Finance Law § 20.00 Types of obligations which may be issued
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§ 20.00 Types of obligations which may be issued. a. Bonds, notes or other evidences of indebtedness authorized to be issued by municipalities, school districts or district corporations for any object or purpose shall hereafter be of the following nature and kind only and shall …
N.Y. Local Finance Law § 21.00 Serial bonds
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§ 21.00 Serial bonds. a. Any municipality, school district or district corporation may issue serial bonds for any object or purpose having a period of probable usefulness set forth in paragraph a of section 11.00 of this chapter and for which object or purpose it may contract in…
N.Y. Local Finance Law § 22.00 Sinking fund bonds of the city of New York
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§ 22.00 Sinking fund bonds of the city of New York. a. The city of New York may issue sinking fund bonds pursuant to this section for the following purposes: 1. The supply of water, 2. The acquisition, construction or equipment of rapid transit railroads, or 3. The construction …
N.Y. Local Finance Law § 22.10 Sinking fund bonds of municipalities and school districts
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§ 22.10 Sinking fund bonds of municipalities and school districts. a. Any municipality or school district may issue sinking fund bonds for any object or purpose for which serial bonds may be issued. b. Sinking fund bonds shall mature at a date not later than the expiration of th…
N.Y. Local Finance Law § 23.00 Bond anticipation notes
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§ 23.00 Bond anticipation notes. a. Bond anticipation notes may be issued by any municipality, school district or district corporation in anticipation of the sale of bonds. Such notes may be issued whenever bonds have been authorized and the proceeds of such notes shall be expen…
N.Y. Local Finance Law § 24.00 Tax anticipation notes
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§ 24.00 Tax anticipation notes. a. 1. Tax anticipation notes may be issued by any municipality, school district or district corporation, other than a fire district, (a) During a fiscal year in anticipation of the collection of taxes or assessments levied for such fiscal year, (b…
N.Y. Local Finance Law § 24.10 Tax receivable notes
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§ 24.10. Tax receivable notes. The city of New York may issue tax anticipation notes which are tax receivable notes. As used in this section, the term "tax receivable notes" shall mean tax anticipation notes issued pursuant to section 24.00 of this title, which shall, upon matur…
N.Y. Local Finance Law § 24.11 Tax receivable notes for the city of Yonkers
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§ 24.11 Tax receivable notes for the city of Yonkers. a. The city of Yonkers may issue tax anticipation notes which are tax receivable notes. As used in this section, the term "tax receivable notes" shall mean tax anticipation notes issued pursuant to section 24.00 of this title…
N.Y. Local Finance Law § 25.00 Revenue anticipation notes
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§ 25.00 Revenue anticipation notes. a. As used in this section: 1. The term "taxes" shall mean taxes other than real estate taxes. 2. The terms "rents," "rates" or "charges" shall mean sewer or water rents, rates or charges. 3. The term "moneys" shall mean moneys to be received …
N.Y. Local Finance Law § 25.10 Urban renewal notes
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§ 25.10. Urban renewal notes. a. To effectuate the purposes of article eighteen of the state constitution and article fifteen of the general municipal law, any municipality which has authorized an urban renewal project may issue urban renewal notes, from time to time, in anticip…
N.Y. Local Finance Law § 26.00 Temporary alternative methods of financing snow and ice removal expenses
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§ 26.00 Temporary alternative methods of financing snow and ice removal expenses. a. Definitions. 1. With respect to any municipality which has a calendar fiscal year which commenced on the first day of January, two thousand two, the terms "extraordinary expenses for snow and ic…
N.Y. Local Finance Law § 26.10 Temporary alternative methods of financing storm relief expenses
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§ 26.10 Temporary alternative methods of financing storm relief expenses. a. Definitions. As used in this section, the terms "extraordinary expenses of storm relief" and "such extraordinary expenses" shall mean expenses incurred by a municipality, school district or district cor…
N.Y. Local Finance Law § 28.00 Capital notes
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§ 28.00 Capital notes. a. Any municipality, school district or district corporation may issue capital notes to finance all or part of the cost of any object or purpose for which serial or sinking fund bonds may be issued. Such capital notes may be renewed from time to time but s…
N.Y. Local Finance Law § 29.00 Budget notes
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§ 29.00 Budget notes. a. 1. Any municipality or district corporation, other than a fire district, may issue budget notes during any fiscal year for any unforeseeable public emergency during such year such as epidemic, conflagration, riot, storm, flood, earthquake or other unusua…
N.Y. Local Finance Law § 29.10 Issuance of land installment purchase obligations
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* § 29.10 Issuance of land installment purchase obligations. 1. A municipality is hereby authorized and empowered to issue land installment purchase obligations for the purpose of financing the acquisition of interests or rights in real property for which the municipality has co…
N.Y. Local Finance Law § 29.20 Deficiency notes
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§ 29.20 Deficiency notes. a. Any municipality, school district or district corporation may issue deficiency notes during any fiscal year to finance a deficiency in any fund or funds arising from revenues being less than the amount estimated in the budget for such current fiscal …
N.Y. Local Finance Law § 30.00 Agency authorizing issuance of obligations
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§ 30.00 Agency authorizing issuance of obligations. a. The finance board shall have the power to authorize the issuance of bonds and notes. However, the finance board may, by resolution, delegate such power in relation to bond anticipation notes, tax anticipation notes, revenue …
N.Y. Local Finance Law § 31.00 Bond resolution and capital note resolution
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§ 31.00 Bond resolution and capital note resolution. a. The issuance of bonds shall be authorized by a "bond resolution." The issuance of capital notes or renewals thereof shall be authorized by "a capital note resolution." However, if capital notes are to be issued for the same…
N.Y. Local Finance Law § 32.00 Bond resolution and capital note resolution; form and contents
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§ 32.00 Bond resolution and capital note resolution; form and contents. Every bond resolution or capital note resolution shall be properly dated and shall bear a title indicating the type or types of obligations to which it relates, and shall contain, in substance, at least the …
N.Y. Local Finance Law § 33.00 Bond resolution and capital note resolution; procedure for enactment thereof
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§ 33.00 Bond resolution and capital note resolution; procedure for enactment thereof. a. Every bond resolution and capital note resolution shall be adopted by at least a two-thirds vote of the voting strength of the finance board, except that (1) where a bond resolution or a cap…
N.Y. Local Finance Law § 33.10 Mandatory or permissive referenda in counties
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§ 33.10 Mandatory or permissive referenda in counties. a. Except as otherwise provided in paragraph b of this section neither the expenditure of money for an object or purpose for which it is proposed to issue obligations nor a bond resolution or capital note resolution shall be…
N.Y. Local Finance Law § 34.00 Bond resolution may be subject to mandatory or permissive referendum; cities
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§ 34.00 Bond resolution may be subject to mandatory or permissive referendum; cities. a. Except as otherwise provided in paragraph b of this section, neither the expenditure of money for an object or purpose for which it is proposed to issue obligations nor a bond resolution or …
N.Y. Local Finance Law § 35.00 Bond resolution subject to referendum; towns
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§ 35.00 Bond resolution subject to referendum; towns. a. A bond resolution adopted by the finance board of any town for the purpose of financing a town highway improvement shall be subject to a permissive referendum or such resolution may be submitted to a referendum by such fin…