Title LFN, Local Finance

§ 160.05. Financial restructuring board for local governments. 1.\nThere shall be a financial restructuring board for local governments\nwhich shall consist of ten members: the director of the budget who shall\nbe chair of the board, the attorney general, the state comptroller, …

§ 160.10 Delegation to a deputy. Whenever pursuant to this chapter\nthe finance board delegates any power or duty to the chief fiscal\nofficer, unless the finance board specifies otherwise when it makes such\ndelegation, the chief fiscal officer may authorize a deputy to exercis…

§ 161.00 Negotiability of obligations. All bonds and notes of a\nmunicipality, school district or district corporation, including notes\nissued by a city school district pursuant to section 26.00 of this\nchapter, whether payable to bearer or in registered form, shall be\nnegoti…

§ 162.00 Exemption from taxation. All bonds and notes of a\nmunicipality, school district or district corporation, until payable,\nand the interest thereon, shall be exempt from taxation for municipal\nand state purposes.\n

§ 163.00 Record of obligations. a. The chief fiscal officer in\ncounties and cities, the clerk in towns and villages, the clerk or\nsecretary or such other officer as the finance board shall designate in\nschool districts and district corporations, shall keep a complete record\n…

§ 164.00 Reissuance of lost, destroyed, partially destroyed or defaced\nobligations. a. The finance board may issue a new bond, note or coupon\nto replace one lost, destroyed, partially destroyed or defaced.\nHowever, the finance board may, by resolution, delegate such power to\…

§ 165.00 Deposit and use of proceeds from sale of bonds, bond\nanticipation notes, capital notes, urban renewal notes or budget notes.\na. The proceeds, inclusive of premiums, from the sale of bonds, bond\nanticipation notes, capital notes, urban renewal notes or budget notes\ns…

§ 165.10. Advances from funds. If there are funds of a municipality,\nschool district or district corporation, other than:\n 1. The proceeds of bonds, bond anticipation notes, capital notes,\nurban renewal notes and budget notes, and\n 2. Funds which, by law, may be used only fo…

§ 165.20 Exchange of certain bonds or notes. Notwithstanding any\nother provisions of this chapter, the city of New York prior to July\nfirst, nineteen hundred eighty-two shall be authorized to exchange bonds\nor notes of such city for any notes of such city held by the municipa…

§ 166.00 Action against municipal officers. a. The holder in due\ncourse of any bond, note or interest bearing coupon issued due to the\nmalfeasance, misfeasance, or negligence of any officer of a\nmunicipality, school district or district corporation, whose cause of\naction the…

§ 167.00 Action against municipality; appeals. An appeal from a\njudgment in an action against a municipality, school district or\ndistrict corporation on a bond, note or interest bearing coupon, may be\ntaken by any person bound as a privy by such judgment, within sixty days\na…

§ 168.00 Agreements for credit enhancement. a. The finance board of\nany municipality, school district or district corporation (herein a\n"public body") is hereby authorized and empowered to enter into such\nagreements as it deems reasonable and appropriate, with any department\…

* § 169.00 Installment loans and obligations evidencing installment\nloans. a. Notwithstanding the provisions of any other law, general,\nspecial or local, inconsistent with this section, relating to the power\nof municipalities to enter into contracts and to contract indebtedne…

§ 170.00 Local legislation relating to local finance. Any county,\ncity, town or village may adopt local laws:\n 1. Imposing duties in addition to those imposed by this chapter,\n 2. Altering duties imposed by this chapter so as to make them more\nstringent, or\n 3. Restricting …

§ 171.00 Continuity of powers and duties. a. Any agency, board,\ncommission or official to whom are assigned by this chapter any powers\nand duties shall exercise such powers and duties in continuation of\ntheir exercise by the agency, board, commission or official by which the\…

§ 172.00 Authorizations continued. a. Any authorization adopted by a\nmunicipality, school district or district corporation prior to the\neffective date of this chapter for an object or purpose for which bonds,\nnotes, certificates or other evidences of indebtedness are to be is…

§ 173.00 Pending actions, suits and proceedings not affected. No\naction, suit or proceeding, pending at the time when this chapter shall\ntake effect, brought by or against a municipality, school district or\ndistrict corporation or any agency, board, commission or official\nth…

§ 174.00 Previously authorized obligations not affected; redemption of\noutstanding obligations. The repeal by this chapter of any act\nauthorizing the issuance of bonds, notes, certificates or other\nevidences of indebtedness heretofore authorized, issued or sold shall\nnot be …

§ 175.00 Acts legalized or validated not affected. The repeal by this\nchapter of any provisions of law legalizing or validating any act done\nor committed shall in no way affect or impair such legalization or\nvalidation.\n

§ 176.00 Local finance law to be the exclusive law. Except as\notherwise provided in this article, all statutes, local laws,\nordinances, rules and regulations, insofar as they relate to the matters\nherein contained, are hereby superseded, it being the legislative intent\nthat …

§ 177.00 Laws repealed; legislative intent. a. Of the laws enumerated\nin schedule A annexed hereto, that portion specified in the last column\nis hereby repealed.\n b. It is the intent of the legislature, in enacting such schedule of\nrepeals, specifically to repeal such laws a…

§ 178.00 Effect of hyphen in schedule of laws repealed. When two\nnumbers in the schedule of repeals hereto annexed are connected by a\nhyphen both such numbers are included as well as all intermediate\nnumbers.\n

§ 179.00 Model forms of obligations. The model form of a coupon bond\nand the model form of a note payable to bearer contained in schedule B\nannexed hereto may be used, but this section shall not be construed to\nprevent or invalidate the use of other forms in lieu thereof. Bot…

§ 180.00 Law to be liberally construed. This chapter shall be\nliberally construed to effectuate the objects and purposes thereof and\nthe public policy of the state as hereby declared.\n

§ 181.00 Separability. If any clause, sentence, subdivision,\nparagraph, section or part of this chapter be adjudged by any court of\ncompetent jurisdiction to be invalid, such judgment shall not affect,\nimpair or invalidate the remainder thereof, but shall be confined in its\n…

§ 182.00 When to take effect. This act shall take effect September\nfirst, nineteen hundred forty-five.\n

§ 2.00 Definitions. As used in this chapter:\n 1. The term "municipality" shall mean a county, city, town or village.\n 2. The term "school district" shall mean any school district, except\nthe school districts of the cities of New York, Buffalo, Rochester,\nSyracuse and Yonkers…

§ 20.00 Types of obligations which may be issued. a. Bonds, notes or\nother evidences of indebtedness authorized to be issued by\nmunicipalities, school districts or district corporations for any object\nor purpose shall hereafter be of the following nature and kind only and\nsh…

§ 21.00 Serial bonds. a. Any municipality, school district or district\ncorporation may issue serial bonds for any object or purpose having a\nperiod of probable usefulness set forth in paragraph a of section 11.00\nof this chapter and for which object or purpose it may contract…

§ 22.00 Sinking fund bonds of the city of New York. a. The city of New\nYork may issue sinking fund bonds pursuant to this section for the\nfollowing purposes:\n 1. The supply of water,\n 2. The acquisition, construction or equipment of rapid transit\nrailroads, or\n 3. The cons…

§ 22.10 Sinking fund bonds of municipalities and school districts. a.\nAny municipality or school district may issue sinking fund bonds for any\nobject or purpose for which serial bonds may be issued.\n b. Sinking fund bonds shall mature at a date not later than the\nexpiration …

§ 23.00 Bond anticipation notes. a. Bond anticipation notes may be\nissued by any municipality, school district or district corporation in\nanticipation of the sale of bonds. Such notes may be issued whenever\nbonds have been authorized and the proceeds of such notes shall be\ne…

§ 24.00 Tax anticipation notes.\n a. 1. Tax anticipation notes may be issued by any municipality, school\ndistrict or district corporation, other than a fire district,\n (a) During a fiscal year in anticipation of the collection of taxes or\nassessments levied for such fiscal ye…

§ 24.10. Tax receivable notes. The city of New York may issue tax\nanticipation notes which are tax receivable notes. As used in this\nsection, the term "tax receivable notes" shall mean tax anticipation\nnotes issued pursuant to section 24.00 of this title, which shall, upon\nm…

§ 24.11 Tax receivable notes for the city of Yonkers. a. The city of\nYonkers may issue tax anticipation notes which are tax receivable notes.\nAs used in this section, the term "tax receivable notes" shall mean tax\nanticipation notes issued pursuant to section 24.00 of this ti…

§ 25.00 Revenue anticipation notes. a. As used in this section:\n 1. The term "taxes" shall mean taxes other than real estate taxes.\n 2. The terms "rents," "rates" or "charges" shall mean sewer or water\nrents, rates or charges.\n 3. The term "moneys" shall mean moneys to be re…

§ 25.10. Urban renewal notes. a. To effectuate the purposes of article\neighteen of the state constitution and article fifteen of the general\nmunicipal law, any municipality which has authorized an urban renewal\nproject may issue urban renewal notes, from time to time, in\nant…

§ 26.00 Temporary alternative methods of financing snow and ice\nremoval expenses. a. Definitions. 1. With respect to any municipality\nwhich has a calendar fiscal year which commenced on the first day of\nJanuary, two thousand two, the terms "extraordinary expenses for snow\nan…

§ 26.10 Temporary alternative methods of financing storm relief\nexpenses. a. Definitions. As used in this section, the terms\n"extraordinary expenses of storm relief" and "such extraordinary\nexpenses" shall mean expenses incurred by a municipality, school\ndistrict or district…

§ 28.00 Capital notes. a. Any municipality, school district or\ndistrict corporation may issue capital notes to finance all or part of\nthe cost of any object or purpose for which serial or sinking fund bonds\nmay be issued. Such capital notes may be renewed from time to time bu…

§ 29.00 Budget notes. a. 1. Any municipality or district corporation,\nother than a fire district, may issue budget notes during any fiscal\nyear for any unforeseeable public emergency during such year such as\nepidemic, conflagration, riot, storm, flood, earthquake or other unu…

* § 29.10 Issuance of land installment purchase obligations. 1. A\nmunicipality is hereby authorized and empowered to issue land\ninstallment purchase obligations for the purpose of financing the\nacquisition of interests or rights in real property for which the\nmunicipality ha…

§ 29.20 Deficiency notes. a. Any municipality, school district or\ndistrict corporation may issue deficiency notes during any fiscal year\nto finance a deficiency in any fund or funds arising from revenues being\nless than the amount estimated in the budget for such current fisc…

§ 30.00 Agency authorizing issuance of obligations. a. The finance\nboard shall have the power to authorize the issuance of bonds and notes.\nHowever, the finance board may, by resolution, delegate such power in\nrelation to bond anticipation notes, tax anticipation notes, reven…

§ 31.00 Bond resolution and capital note resolution. a. The issuance\nof bonds shall be authorized by a "bond resolution." The issuance of\ncapital notes or renewals thereof shall be authorized by "a capital note\nresolution." However, if capital notes are to be issued for the s…

§ 32.00 Bond resolution and capital note resolution; form and\ncontents. Every bond resolution or capital note resolution shall be\nproperly dated and shall bear a title indicating the type or types of\nobligations to which it relates, and shall contain, in substance, at\nleast …

§ 33.00 Bond resolution and capital note resolution; procedure for\nenactment thereof. a. Every bond resolution and capital note resolution\nshall be adopted by at least a two-thirds vote of the voting strength of\nthe finance board, except that (1) where a bond resolution or a …

§ 33.10 Mandatory or permissive referenda in counties. a. Except as\notherwise provided in paragraph b of this section neither the\nexpenditure of money for an object or purpose for which it is proposed\nto issue obligations nor a bond resolution or capital note resolution\nshal…

§ 34.00 Bond resolution may be subject to mandatory or permissive\nreferendum; cities. a. Except as otherwise provided in paragraph b of\nthis section, neither the expenditure of money for an object or purpose\nfor which it is proposed to issue obligations nor a bond resolution …

§ 35.00 Bond resolution subject to referendum; towns. a. A bond\nresolution adopted by the finance board of any town for the purpose of\nfinancing a town highway improvement shall be subject to a permissive\nreferendum or such resolution may be submitted to a referendum by such\…