NY Loc Fin L § 62.10 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof 62.10 - Statutory Installment Bonds.

§  62.10  Statutory  installment bonds.   a. Notwithstanding any other   provisions of this chapter, if the principal amount  for  an  object  or   purpose,  or  objects  or  purposes,  or class or classes thereof, to be   financed by the issuance of bonds does not exceed five  million  dollars   in  the aggregate, a single bond, to be known as a statutory installment   bond, may be issued for the full principal amount, if the issue is to be   sold at private sale. Any such bond shall provide  for  the  payment  of   both  the  principal  and  interest  upon  presentation  of the bond for   notation  of  such  payments  thereon,  except  that  such  a  statutory   installment  bond may be issued and sold to the United States of America   or any agency thereof in any amount and that such principal and interest   shall be payable without such presentation.b. A statutory installment bond, in bearer, if authorized  by  federal   law,  or  registered  form,  shall  be  in  terms,  form  and  contents,   substantially as follows:    Statutory        United States of America     $  (Here insert full   Installment      State of New York               amount of bond   Bond             County of                       issue) (Here insert name of the issuer)    (Here insert type of bond and year, such as  "Highway  Machinery  Serial   Bond--1976")The  (Here insert name of the issuer), in the County of ___________, a   (Here insert whether a municipality, school district, fire  district  or   other   district   corporation)   of  the  State  of  New  York,  hereby   acknowledges itself indebted and for value received promises to  pay  to   (Here  insert  "bearer"  or  the name of registered owner if the bond is   issued in registered  form)  the  principal  sum  of  __________________   Dollars  ($________) (in (_____) equal annual installments of __________   Dollars ($________) on the ________ day of ____ in the years 20__ __, to   20 __, inclusive) or    (in________(___) annual installments (Here state the amounts, the annual   principal payment date, and the years in which  the  principal  payments   will  be made. No annual installment shall be more than fifty per centum   in excess of the smallest prior installment unless the finance board has   determined to provide for substantially level or declining  annual  debt   service,  in  which case the aggregate amount of debt service payable in   any year shall not exceed the lowest aggregate amount  of  debt  service   payable in any prior year by more than five percent))   and  to  pay interest on the unpaid balance of such principal sum at the   rate of ______ per centum (______%)  per  annum,  semi-annually  on  the   _________ days of ________ and ______ in each year from the date of this   bond  until  it matures. Interest will not be paid on any installment of   principal, or  of  interest,  after  the  due  date  thereof.  Both  the   installments  of principal of and the interest on this bond will be paid   to the (Here insert "bearer" or "registered owner" if the bond is issued   in registered form) of this bond in lawful money of the  United  States*   only  upon  presentation  of  this bond for notation of any such payment   thereon* (omit language enclosed within asterisks when the bond is  sold   to  the  United States of America or an agency thereof) at the office of   ________ (Here insert place or places of payment) This bond is a statutory installment bond, the principal sum of  which   cannot  exceed Five Million Dollars ($5,000,000) unless it is issued and   sold to the United States of America  or  any  agency  thereof,  and  is   issued  pursuant  to section 62.10 of the Local Finance Law and pursuant   to a bond resolution entitled "(Here insert title)", duly adopted by the   (Here insert name of the finance board) of such (Here insert name of the   issuer)  on  the  ________  day  of  ___,  20 __.  This  bond may not be   converted into a coupon bond.The faith and credit of such (Here insert  name  of  the  issuer)  are   hereby  irrevocably pledged for the punctual payment of the installments   of principal of and the interest on this bond according to its terms.It is hereby certified and  recited  that  all  conditions,  acts  and   things  required  by  the  Constitution and statutes of the State of New   York to exist, to have happened and to have been performed precedent  to   and  in  the  issuance  of this bond, exist, have happened and have been   performed, and that this bond, together with all other  indebtedness  of   such  (Here  insert  name  of the issuer) is within every debt and other   limit prescribed by the Constitution and laws of such State.In Witness Whereof, the (Here insert name of the  issuer)  has  caused   this  bond  to  be  signed by its (Here insert title of officer) and its   (Here insert title of officer), and its corporate seal  to  be  hereunto   affixed and attested by its (Here insert title of attesting officer) and   to be dated as of the ________ day of _______, 20 __. (Name of municipality, schooldistrict, fire district or   (Corporate Seal)    other district corporation)By: (Signature and title of officer)and (Signature and title of officer)   Attest:(Signature and title of attesting officer) *PRINCIPAL PAYMENTS    Amount           Date Received        Received by   $________       __________, 20 __    _____________________(Signature of personreceiving payment)   $________       __________, 20 __    _____________________(continue as necessary) INTEREST PAYMENTS    Amount           Interest to           Received by   $_______        ___________, 20 __   _____________________(Signature of personreceiving payment)   $_______        ___________, 20 __   _____________________(continue as necessary) The  notations  of  principal and interest payments may be made on the   face of the bond, on the reverse side, or on a sheet  attached  thereto*   (omit  language  enclosed  within asterisks when the bond is sold to the   United States of America or an agency thereof).* c. Notwithstanding any provision of law contained in this chapter to   the contrary, statutory installment bonds,  in  substantially  the  form   provided  in  this section, may be issued and sold to the New York state   environmental facilities corporation in a principal amount not to exceed    twenty million dollars and such bonds shall provide for either  a  fixed   rate or, if such bonds provide for serial maturities, at a set rate, for   each  maturity,  which  rate  is  fixed  on the date of issuance of such   bonds.* NB Repealed September 30, 2023