NY Loc Fin L § 25.10 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 2 - Local Obligations: Types Thereof 25.10 - Urban Renewal Notes.

§ 25.10. Urban renewal notes. a. To effectuate the purposes of article   eighteen  of  the  state constitution and article fifteen of the general   municipal law, any municipality which has authorized  an  urban  renewal   project   may   issue  urban  renewal  notes,  from  time  to  time,  in   anticipation of the receipt of moneys for  such  project,  or  any  part   thereof,  from  (1)  the sale of real property, or any interest therein,   acquired for or incidental to such project; or  (2)  the  United  States   government  pursuant to title one of the housing act of nineteen hundred   forty-nine, as amended; or (3) the state of New  York  pursuant  to  the   general  municipal  law; or from any or all such sources. Such notes may   be issued in anticipation of the receipt of such moneys whether  or  not   such  moneys  are to be received or to become due and payable during the   fiscal year in which such notes are issued.b. Such notes shall mature within one year  from  the  date  of  their   issue  and  may  be renewed from time to time, but each renewal shall be   for a period not exceeding one year, provided that no such notes or  any   renewals thereof, issued in anticipation of the receipt of moneys for an   urban  renewal  project,  shall  extend more than seven years beyond the   date of the first such note or notes  issued  in  connection  with  such   project.  In  any  event, urban renewal notes shall not be renewed after   the receipt of the moneys in  anticipation  of  which  such  notes  were   issued.c.  Where, prior to the effective date of this section, a municipality   has issued a revenue anticipation note in anticipation of  the  receipt,   of  any  such moneys, such note, or any renewal thereof, may be renewed,   in whole or in part, by the issuance of an urban renewal note subject to   the limitations of this section. In such event,  the  seven-year  period   specified in paragraph b of this section shall be computed from the date   of  issue  of  the  original  revenue  anticipation note, and such urban   renewal note shall be deemed a renewal note for  the  purposes  of  this   chapter.d.   Urban  renewal  notes  shall  be  redeemed  from  the  moneys  in   anticipation of the receipt of which they were issued. However, if  such   moneys  are  not received or are not received in an amount sufficient to   redeem such notes in full, such notes, to the extent such moneys are not   sufficient, shall be redeemed:1. From any unincumbered balance in any fund which may be  applied  to   the payment thereof;2. By a budgetary appropriation; or3.  By  the  proceeds  of  the sale of serial bonds issued pursuant to   section 93.00 of this chapter for the purpose of refunding such notes.e. The total amount of urban renewal notes which  a  municipality  may   issue  for  any  urban renewal project in anticipation of the receipt of   any such moneys shall not  exceed  the  total  estimated  cost  of  such   project  as stated in the certificate of the chief fiscal officer of the   municipality approved and filed as hereinafter  provided  less  (a)  the   total  amount  of  any  and  all  advances, loans and grants made by the   federal government or by the state of New York to such  municipality  in   aid  of  such project prior to and including the date of the issuance of   any such note or notes; (b) the amount of any local  grants-in-aid  made   or  to  be  made for such project; and (c) the amount of the proceeds of   the sale of any real property acquired for or incidental to such project   actually received by such municipality prior to and including  the  date   of the issuance of any such note or notes.Such certificate of the chief fiscal officer of the municipality shall   be  in  such  form  and  shall  contain  such  information  as  shall be   prescribed by the state comptroller and shall be  filed  not  more  than   fifteen  nor  less  than  three days before the sale of any such note or    notes in the office of the state comptroller with the  approval  thereof   of the commissioner of housing endorsed thereon.f.  All such moneys in anticipation of which any urban renewal note or   notes shall have been issued, as thereafter received or collected, shall   be set aside in a special bank account to be used only for  the  payment   of  such  urban  renewal  notes as they become due. Any municipality may   make budgetary appropriations for the redemption of urban renewal  notes   whether  or not required or otherwise authorized by law to do so. In the   event such an appropriation is made,  such  municipality  shall  not  be   required  to  pay  into  such  special account so much of such moneys as   shall equal the amount of such appropriation but any moneys not so  paid   into  such special account may be used in the manner provided by law or,   if there is no provision of law pertaining to the use  of  such  moneys,   they  shall  be  treated  as surplus moneys for the fiscal year in which   they are collected.