NY Loc Fin L § 32.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 3 - Local Obligations: Authorization Thereof 32.00 - Bond Resolution and Capital Note Resolution; Form and Contents.

§  32.00  Bond  resolution  and  capital  note  resolution;  form  and   contents. Every bond resolution or  capital  note  resolution  shall  be   properly  dated  and  shall bear a title indicating the type or types of   obligations to which it relates, and shall  contain,  in  substance,  at   least the following provisions:1.  A  statement  of  the  specific  object or purpose or the class of   objects or purposes for which the obligations to be authorized  by  such   resolution  are  to  be  issued.  Each  item  of such specific object or   purpose shall be described in brief and general terms sufficient  for  a   reasonable identification.2.  If  the  obligations to be authorized are for a specific object or   purpose, a statement of the estimate of the maximum cost of each item of   such specific object or purpose. If the obligations to be authorized  by   a  single bond resolution or capital note resolution are for two or more   specific objects or purposes as provided by paragraph d of section 31.00   of this chapter, there shall be a  statement  of  the  estimate  of  the   maximum  cost  of  each  item of each specific object or purpose. If the   obligations to be authorized are for a class  of  objects  or  purposes,   there shall be a statement of the estimated maximum cost thereof. If the   obligations to be authorized by a single bond resolution or capital note   resolution  are  for  two  or  more  classes  of  objects or purposes as   provided by paragraph d of section 31.00 of this chapter, there shall be   a statement of the estimated maximum cost of each class  of  objects  or   purposes.    Such  statement  shall  also  set  forth  the  plan for the   financing of the total cost of all of the items of such specific  object   or  purpose  or such specific objects or purposes or of the cost of such   class or such classes of objects or purposes which  shall  indicate  the   sources of the amounts of money which have been previously authorized to   be applied to the payment of the total cost of all of such items of such   object  or  purpose  or  such objects or purposes or of the cost of such   class or such classes of objects or purposes and the intended source  or   sources,  other than the proceeds of such obligations, of the balance of   the money to be so applied.  Such  financial  plan,  by  virtue  of  its   inclusion  in  such  resolution,  shall  not be deemed binding upon such   municipality, school district or district corporation.In lieu of such a statement, the resolution may contain a recital that   such information has been set  forth  in  a  capital  budget  or  in  an   appropriation  for  such  specific  object or purpose or such objects or   purposes or for the class or classes of such objects or purposes or in a   previously  adopted  bond  resolution   or   capital   note   resolution   authorizing  the  issuance  of  obligations  for such specific object or   purpose or such specific objects  or  purposes,  or  for  the  class  or   classes  of  such  objects  or purposes. Such recital shall specifically   refer to the most recent capital budget, appropriation, bond  resolution   or capital note resolution containing such information.3.  A  statement  of the amount of bonds or capital notes to be issued   for such specific object or purpose or class of objects or purposes.4. A determination of the period or periods of probable usefulness  of   the specific object or purpose or class of objects or purposes for which   such  bonds  or capital notes are to be issued, if such determination is   made by the finance board. However, if bonds are  to  be  issued  for  a   class  of objects or purposes for which more than one period of probable   usefulness is prescribed pursuant to section 11.00 of this  chapter  and   if the determination of the period of probable usefulness therefor is to   be  made  by  the  finance  board,  the  bond resolution authorizing the   issuance of such bonds shall (a) Specify the kind of specific object or purpose within such classto which the proceeds of such  bonds  are  to  be  applied  and  theappropriate period of probable usefulness therefor, or(b)  Specify  as the period of probable usefulness of such class thelowest period of probable usefulness assigned thereto.5. In the case of towns  or  villages,  a  determination  whether  the   proposed maturity of the obligations to be authorized thereby will be in   excess of five years.6.  If current funds are required to be provided prior to the issuance   of such bonds or bond anticipation notes in anticipation of  such  bonds   pursuant  to  section 107.00 of this chapter, a statement that there has   been provided or that there will be provided prior to  the  issuance  of   such  bonds or bond anticipation notes the appropriate amount of current   funds.