NY Town L § 231 (2021)
2021 New York Laws TWN - Town Article 15 - 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.