2006 New York Code - Refunding Of Urban Renewal Notes

 
    §  93.00  Refunding of urban renewal notes.  a. To the extent that the
  moneys in anticipation of the receipt of which an urban renewal note  or
  notes have been issued pursuant to section 25.10 of this chapter are not
  received  by  a municipality or are not received in an amount sufficient
  to redeem such notes in full, such notes may be refunded by the issuance
  of serial bonds pursuant to this section.
    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
  subdivision forty-one-a of paragraph a of section 11.00 of this chapter.
  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 as computed from the date of the
  first urban renewal note or notes so issued. Such period shall  be  that
  which  was in effect at the time the first urban renewal 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 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 sections 33.10, 34.00, 35.00 and 36.00, 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  urban  renewal
  note or notes to be refunded in whole or in part.
    d.  In  the  event that a municipality, after the issuance pursuant to
  this section of any bonds to refund any outstanding urban  renewal  note
  or  notes,  shall  receive  or collect any moneys in anticipation of the
  receipt of which such urban renewal note  or  notes  were  issued,  such
  moneys  shall be set aside in a special bank account to be used only for
  the payment of the principal of and interest on such bonds.