New York · statute · N.Y. Local Finance Law · 182 active provisions
CHAPTER 424 AN ACT in relation to the financial affairs and management of municipalities, school districts and district corporations, constituting chapter thirty-three-a of the consolidated laws Became a law April 12, 1942, with the approval of the Governor. Passed, three-fifths being present The People of the State of…
ARTICLE I SHORT TITLE; DEFINITIONS Section 1.00 Short title. 2.00 Definitions.
§ 1.00 Short title. This act shall be known and may be cited as the "Local Finance Law."
§ 2.00 Definitions. As used in this chapter: 1. The term "municipality" shall mean a county, city, town or village. 2. The term "school district" shall mean any school district, except the school districts of the cities of New York, Buffalo, Rochester, Syracuse and Yonkers. 2-a. The term "city school district" shall me…
ARTICLE II LOCAL INDEBTEDNESS
TITLE 1. POWER TO CONTRACT INDEBTEDNESS AND PERIODS OF PROBABLE USEFULNESS Section 10.00 Power of municipalities, school districts and district corporations to contract indebtedness. 10.10 Municipalities and school districts authorized to incur debt to liquidate operating deficits; requirements and procedures; period o…
§ 10.00 Power of municipalities, school districts and district corporations to contract indebtedness. In addition to the power to contract indebtedness pursuant to sections 24.00, 25.00, 25.10, 29.00 and 29.20 of this article, a municipality, school district or district corporation shall have the power to contract inde…
§ 10.10 Municipalities and school districts authorized to incur debt to liquidate operating deficits; requirements and procedures; period of probable usefulness. In the case of a municipality or school district that is authorized by a special or general law to incur debt to liquidate an operating deficit: a. no bonds t…
§ 11.00 Periods of probable usefulness. a. A municipality, school district or district corporation may not contract indebtedness for any object or purpose for a period longer than the period of probable usefulness set forth below for such object or purpose, provided, however, that for purposes of selling bonds or notes…
TITLE 1-A INDEBTEDNESS RELATIVE TO MUNICIPAL COOPERATIVE ACTIVITIES Section 15.00 Indebtedness relative to municipal cooperative activities. 15.10 Allocation of indebtedness. 15.20 Limitations on amount of local indebtedness; exclusions of certain indebtedness. 15.30 Debt statements. 15.40 Additional limitations.
§ 15.00 Indebtedness relative to municipal cooperative activities. a. Legislative intent. The provisions of title one-A of article two of this chapter are intended to effectuate the provisions of sections one and two-a of article eight of the constitution, as in force and effect on January first, nineteen hundred sixty…
§ 15.10 Allocation of indebtedness. a. Several indebtedness and joint indebtedness contracted or incurred for a joint service or a joint water, sewage or drainage project shall be included as gross indebtedness in the debt statement of the municipal corporation or municipality which has contracted or incurred such inde…
§ 15.20 Limitations on amount of local indebtedness; exclusions of certain indebtedness. a. The provisions of section 104.00 of this chapter shall be applicable in relation to the powers of counties, cities, towns, villages and school districts in cities to contract indebtedness, and the powers of other school district…
§ 15.30 Debt statements. a. The state comptroller, in the performance of his duties pursuant to section 141.00 of this chapter, shall cause debt statements of municipal corporations and municipalities to be prepared in such manner as will reflect (1) the gross amounts of any several indebtedness and joint indebtedness…
§ 15.40 Additional limitations. a. Indebtedness shall not be contracted or incurred pursuant to this title for any object or purpose which is intended to effectuate any of the purposes of article eighteen of the state constitution as implemented by the public housing law or any other law including this chapter. b. The…
TITLE 2 LOCAL OBLIGATIONS: TYPES THEREOF Section 20.00 Types of obligations which may be issued. 21.00 Serial bonds. 22.00 Sinking fund bonds of the city of New York. 22.10 Sinking fund bonds of municipalities and school districts. 23.00 Bond anticipation notes. 24.00 Tax anticipation notes. 24.10 Tax receivable notes.…
§ 20.00 Types of obligations which may be issued. a. Bonds, notes or other evidences of indebtedness authorized to be issued by municipalities, school districts or district corporations for any object or purpose shall hereafter be of the following nature and kind only and shall be denominated respectively as follows: 1…
§ 21.00 Serial bonds. a. Any municipality, school district or district corporation may issue serial bonds for any object or purpose having a period of probable usefulness set forth in paragraph a of section 11.00 of this chapter and for which object or purpose it may contract indebtedness pursuant to section 10.00 of t…
§ 22.00 Sinking fund bonds of the city of New York. a. The city of New York may issue sinking fund bonds pursuant to this section for the following purposes: 1. The supply of water, 2. The acquisition, construction or equipment of rapid transit railroads, or 3. The construction of docks, including the acquisition of la…
§ 22.10 Sinking fund bonds of municipalities and school districts. a. Any municipality or school district may issue sinking fund bonds for any object or purpose for which serial bonds may be issued. b. Sinking fund bonds shall mature at a date not later than the expiration of the period of probable usefulness of the ob…
§ 23.00 Bond anticipation notes. a. Bond anticipation notes may be issued by any municipality, school district or district corporation in anticipation of the sale of bonds. Such notes may be issued whenever bonds have been authorized and the proceeds of such notes shall be expended only for the same object or purpose,…
§ 24.00 Tax anticipation notes. a. 1. Tax anticipation notes may be issued by any municipality, school district or district corporation, other than a fire district, (a) During a fiscal year in anticipation of the collection of taxes or assessments levied for such fiscal year, (b) Within ten days prior to the commenceme…
§ 24.10. Tax receivable notes. The city of New York may issue tax anticipation notes which are tax receivable notes. As used in this section, the term "tax receivable notes" shall mean tax anticipation notes issued pursuant to section 24.00 of this title, which shall, upon maturity, at the election of the holder thereo…
§ 24.11 Tax receivable notes for the city of Yonkers. a. The city of Yonkers may issue tax anticipation notes which are tax receivable notes. As used in this section, the term "tax receivable notes" shall mean tax anticipation notes issued pursuant to section 24.00 of this title, which shall, upon maturity, at the elec…
§ 25.00 Revenue anticipation notes. a. As used in this section: 1. The term "taxes" shall mean taxes other than real estate taxes. 2. The terms "rents," "rates" or "charges" shall mean sewer or water rents, rates or charges. 3. The term "moneys" shall mean moneys to be received from the state, the United States governm…