NY Loc Fin L § 92.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 7 - Refunding of Bonds and Capital Notes 92.00 - Refunding of Bond Anticipation Notes Issued by a School District Prior to Annexation or Consolidation.

§  92.00  Refunding  of  bond  anticipation  notes  issued by a school   district prior to annexation or consolidation.   a. Where  serial  bonds   have  been  authorized  by  a  school  district  to finance an object or   purpose and in anticipation of the issuance of  such  bonds  the  school   district  has issued a bond anticipation note or notes and subsequent to   the issuance and prior to the maturity of such note or notes such school   district  has  been  annexed  to  an  adjoining  district  or  adjoining   districts  as  provided in section fifteen hundred five of the education   law or consolidated as provided in section  fifteen  hundred  twelve  or   section fifteen hundred twenty-two or section fifteen hundred twenty-six   of  the  education  law,  the  enlarged  school  district formed by such   annexation or consolidation may issue its serial bonds pursuant to  this   section  for  the  object or purpose of refunding such bond anticipation   note or notes.b. It is hereby determined that the period of probable  usefulness  of   the  object  or  purpose  for which bonds may be issued pursuant to this   section is the same as the period of probable  usefulness  specified  in   paragraph  a  of section 11.00 of this chapter for the object or purpose   for which the serial bonds were authorized by such school district prior   to its annexation or consolidation. The last installment of bonds issued   pursuant to this section shall mature not later than the  expiration  of   the  maximum  period  of  probable usefulness of such object or purpose.   Such period shall be that which was in effect at the time the first bond   anticipation note was issued unless such period  has  been  subsequently   shortened,  in  which  event the shorter period in effect at the time of   the issuance of the bonds shall apply.c. Bonds issued pursuant to this section shall be issued  within  five   years  after  the  date  of issuance of the first such bond anticipation   note and the first installment  thereof  shall  mature  not  later  than   eighteen  months  after the date of issuance of such bonds or five years   after the date of issuance of the first  such  note,  whichever  is  the   earlier.  No  annual  installment of such bonds shall be more than fifty   per centum in excess of the smallest prior installment.d. Bonds issued pursuant to this section shall not  be  designated  as   refunding  bonds  but  shall  contain  a  recital  that  they are issued   pursuant to this section. The provisions of this chapter, including  but   not  limited  to  section 37.00, relating to the authorization, form and   content, sale, execution and issuance of serial bonds, other than  bonds   issued pursuant to sections 90.00 and 91.00 of this chapter, shall apply   to  the authorization, form and content, sale, execution and issuance of   such bonds issued pursuant to this section. The  bond  resolution  shall   contain  a  description  of  the  bond  anticipation note or notes to be   refunded and a statement of the maximum period of probable usefulness of   the object or purpose for which the bond anticipation note or notes were   issued and which was in effect on the date of issuance of the first bond   anticipation note and that which will  be  in  effect  on  the  date  of   issuance of the bonds.e.  The  object  or  purpose for which bonds may be issued pursuant to   this section shall constitute a specific object or  purpose  within  the   meaning of said term as used in this chapter.