2006 New York Code - Authorization Thereof

 
    §  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 following provisions:
    1.  A  statement  of  the  specific  object or purpose or the class of
  objects or purposes for which the obligations to be authorized  by  such
  resolution  are  to  be  issued.  Each  item  of such specific object or
  purpose shall be described in brief and general terms sufficient  for  a
  reasonable identification.
    2.  If  the  obligations to be authorized are for a specific object or
  purpose, a statement of the estimate of the maximum cost of each item of
  such specific object or purpose. If the obligations to be authorized  by
  a  single bond resolution or capital note resolution are for two or more
  specific objects or purposes as provided by paragraph d of section 31.00
  of this chapter, there shall be a  statement  of  the  estimate  of  the
  maximum  cost  of  each  item of each specific object or purpose. If the
  obligations to be authorized are for a class  of  objects  or  purposes,
  there shall be a statement of the estimated maximum cost thereof. If the
  obligations to be authorized by a single bond resolution or capital note
  resolution  are  for  two  or  more  classes  of  objects or purposes as
  provided by paragraph d of section 31.00 of this chapter, there shall be
  a statement of the estimated maximum cost of each class  of  objects  or
  purposes.    Such  statement  shall  also  set  forth  the  plan for the
  financing of the total cost of all of the items of such specific  object
  or  purpose  or such specific objects or purposes or of the cost of such
  class or such classes of objects or purposes which  shall  indicate  the
  sources of the amounts of money which have been previously authorized to
  be applied to the payment of the total cost of all of such items of such
  object  or  purpose  or  such objects or purposes or of the cost of such
  class or such classes of objects or purposes and the intended source  or
  sources,  other than the proceeds of such obligations, of the balance of
  the money to be so applied.  Such  financial  plan,  by  virtue  of  its
  inclusion  in  such  resolution,  shall  not be deemed binding upon such
  municipality, school district or district corporation.
    In lieu of such a statement, the resolution may contain a recital that
  such information has been set  forth  in  a  capital  budget  or  in  an
  appropriation  for  such  specific  object or purpose or such objects or
  purposes or for the class or classes of such objects or purposes or in a
  previously  adopted  bond  resolution   or   capital   note   resolution
  authorizing  the  issuance  of  obligations  for such specific object or
  purpose or such specific objects  or  purposes,  or  for  the  class  or
  classes  of  such  objects  or purposes. Such recital shall specifically
  refer to the most recent capital budget, appropriation, bond  resolution
  or capital note resolution containing such information.
    3.  A  statement  of the amount of bonds or capital notes to be issued
  for such specific object or purpose or class of objects or purposes.
    4. A determination of the period or periods of probable usefulness  of
  the specific object or purpose or class of objects or purposes for which
  such  bonds  or capital notes are to be issued, if such determination is
  made by the finance board. However, if bonds are  to  be  issued  for  a
  class  of objects or purposes for which more than one period of probable
  usefulness is prescribed pursuant to section 11.00 of this  chapter  and
  if the determination of the period of probable usefulness therefor is to
  be  made  by  the  finance  board,  the  bond resolution authorizing the
  issuance of such bonds shall
      (a) Specify the kind of specific object or purpose within such class
      to which the proceeds of such  bonds  are  to  be  applied  and  the
      appropriate period of probable usefulness therefor, or
      (b)  Specify  as the period of probable usefulness of such class the
      lowest period of probable usefulness assigned thereto.
    5. In the case of towns  or  villages,  a  determination  whether  the
  proposed maturity of the obligations to be authorized thereby will be in
  excess of five years.
    6.  If current funds are required to be provided prior to the issuance
  of such bonds or bond anticipation notes in anticipation of  such  bonds
  pursuant  to  section 107.00 of this chapter, a statement that there has
  been provided or that there will be provided prior to  the  issuance  of
  such  bonds or bond anticipation notes the appropriate amount of current
  funds.