2006 New York Code - Refunding Of Bond Anticipation Notes Issued By A School District Prior To Annexation Or Consolidation.

 
    §  92.00  Refunding  of  bond  anticipation  notes  issued by a school
  district prior to annexation or consolidation.   a. Where  serial  bonds
  have  been  authorized  by  a  school  district  to finance an object or
  purpose and in anticipation of the issuance of  such  bonds  the  school
  district  has issued a bond anticipation note or notes and subsequent to
  the issuance and prior to the maturity of such note or notes such school
  district  has  been  annexed  to  an  adjoining  district  or  adjoining
  districts  as  provided in section fifteen hundred five of the education
  law or consolidated as provided in section  fifteen  hundred  twelve  or
  section fifteen hundred twenty-two or section fifteen hundred twenty-six
  of  the  education  law,  the  enlarged  school  district formed by such
  annexation or consolidation may issue its serial bonds pursuant to  this
  section  for  the  object or purpose of refunding such bond anticipation
  note or notes.
    b. It is hereby determined that the period of probable  usefulness  of
  the  object  or  purpose  for which bonds may be issued pursuant to this
  section is the same as the period of probable  usefulness  specified  in
  paragraph  a  of section 11.00 of this chapter for the object or purpose
  for which the serial bonds were authorized by such school district prior
  to its annexation or consolidation. The last installment of bonds issued
  pursuant to this section shall mature not later than the  expiration  of
  the  maximum  period  of  probable usefulness of such object or purpose.
  Such period shall be that which was in effect at the time the first bond
  anticipation note was issued unless such period  has  been  subsequently
  shortened,  in  which  event the shorter period in effect at the time of
  the issuance of the bonds shall apply.
    c. Bonds issued pursuant to this section shall be issued  within  five
  years  after  the  date  of issuance of the first such bond anticipation
  note and the first installment  thereof  shall  mature  not  later  than
  eighteen  months  after the date of issuance of such bonds or five years
  after the date of issuance of the first  such  note,  whichever  is  the
  earlier.  No  annual  installment of such bonds shall be more than fifty
  per centum in excess of the smallest prior installment.
    d. Bonds issued pursuant to this section shall not  be  designated  as
  refunding  bonds  but  shall  contain  a  recital  that  they are issued
  pursuant to this section. The provisions of this chapter, including  but
  not  limited  to  section 37.00, relating to the authorization, form and
  content, sale, execution and issuance of serial bonds, other than  bonds
  issued pursuant to sections 90.00 and 91.00 of this chapter, shall apply
  to  the authorization, form and content, sale, execution and issuance of
  such bonds issued pursuant to this section. The  bond  resolution  shall
  contain  a  description  of  the  bond  anticipation note or notes to be
  refunded and a statement of the maximum period of probable usefulness of
  the object or purpose for which the bond anticipation note or notes were
  issued and which was in effect on the date of issuance of the first bond
  anticipation note and that which will  be  in  effect  on  the  date  of
  issuance of the bonds.
    e.  The  object  or  purpose for which bonds may be issued pursuant to
  this section shall constitute a specific object or  purpose  within  the
  meaning of said term as used in this chapter.