2010 New York Code
TWN - Town
Article 15 - (231 - 247) FINANCING OF PUBLIC IMPROVEMENTS
231 - Permanent financing of district and special improvements.

§  231.  Permanent  financing of district and special improvements. 1.
  When the cost of any improvement is to be borne by special assessment to
  be assessed and paid as provided in this subdivision,  such  improvement
  shall  be  temporarily  financed pursuant to the local finance law until
  after the confirmation of the assessment. When  such  assessments  shall
  have  been  confirmed,  a  period of thirty days shall be given from the
  date of confirmation in which such assessments may be paid in  whole  or
  in  part, provided a part payment so made shall equal ten per centum, or
  a multiple  thereof,  of  the  amount  payable  and  the  obligation  or
  appropriate  portion  thereof  cancelled.  Upon  the  expiration of such
  period, obligations shall be issued pursuant to the  local  finance  law
  for  the total cost thereof, deducting the amounts of the assessments or
  parts thereof so paid within such period.
    Upon ascertainment of the amount of the cost to be assessed by special
  assessment the town board shall prescribe that such assessments  may  be
  so  paid at the option of the payer in whole or in part, without penalty
  or interest, and the unpaid amounts,  if  any,  to  be  paid  in  annual
  installments, with interest thereon.
    If   bond   anticipation   notes  are  issued,  all  collections  from
  assessments so paid in whole or in part shall  be  applied  at  once  in
  reduction of such notes.
    Annual  collections  of  assessments  payable in installments shall be
  applied in payment of maturing obligations and accruing interest. If the
  total amount of assessments payable in  installments  collected  in  any
  year  shall  be  less than the amount required to pay maturing bonds and
  accruing interest, the town board may direct that  surplus  moneys,  not
  otherwise appropriated, be applied.
    Any  surplus  accruing  from  the  sale  of  obligations, whether from
  premiums or otherwise, shall be applied to the reduction of the debt  so
  incurred.
    2.  Notwithstanding  any  other  provisions  of this chapter, the town
  board, upon the completion of the  improvement  or  at  any  time  prior
  thereto,  may determine to issue, pursuant to the local finance law, the
  obligations of said town in such an amount as said board may estimate to
  be sufficient to pay the entire cost of  the  improvement,  but  not  in
  excess of the maximum amount proposed to be expended for the improvement
  as  stated  in  the  petition,  or in the final order, if the town board
  proceeded  under  article  twelve-A  of  this  chapter,  or,   if   such
  improvement  be  an  improvement  constructed  pursuant  to  section two
  hundred two-b of this chapter, not in excess of  the  estimated  expense
  thereof  as  stated  in  the  notice of hearing. There shall be annually
  apportioned and assessed upon the  several  lots  and  parcels  of  land
  especially  benefited  by the improvement in proportion to the amount of
  benefit which the improvement shall confer upon the  same,  and  in  the
  manner  provided  in  section  two hundred two-a of the town law for the
  assessment of the cost of maintenance in a  sewer  district,  an  amount
  sufficient  to  pay the principal and interest of any obligations issued
  for such improvement as the same shall become due and to pay the cost of
  maintenance for the fiscal year commencing on the first day  of  January
  next  succeeding.  In  the  event  that  the  annual  collection of such
  assessments shall be less than the amount required to pay the  principal
  and  interest  of  such  obligations  as they shall become due, the town
  board shall direct that surplus moneys  not  otherwise  appropriated  be
  applied.
    Whenever   an   unpaid   assessment   has  been  divided  into  annual
  installments pursuant to this section the town board may, at the time of
  making such division, or at any time thereafter, provide that all future
  annual installments may be prepaid together with  a  sum  sufficient  to

meet  all  future pro rata shares of the annual interest payable on such
  obligations and which would otherwise have been  added  to  such  future
  installments  had  same  not  been  prepaid. All sums received from such
  prepayments  shall  be deposited and retained in a separate account in a
  depositary designated in the manner  provided  by  section  ten  of  the
  general  municipal  law  to  be  applied  only  to  the  payment  of the
  obligations  issued  pursuant  to  this  section.  Notwithstanding   the
  foregoing, such sums so received may be invested in the manner permitted
  in section eleven of the general municipal law.