NY Loc Fin L § 91.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 7 - Refunding of Bonds and Capital Notes 91.00 - Refunding of Capital Notes.

§  91.00  Refunding  of capital notes.  a. Where serial bonds have not   been issued to finance any part of an object or purpose and such  object   or  purpose  has  been  financed by the issuance of a capital note, such   capital note may be refunded by the issuance of serial bonds pursuant to   this section.b. 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  the  object  or  purpose  for which the capital note was   issued.  Such period shall be that which was in effect at the  time  the   capital   note  was  originally  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.  The  first  installment  of  bonds issued pursuant to this section   shall mature not later than eighteen months after the date  of  issuance   of  such  bonds or two years after the date of original issuance of such   notes, whichever is the earlier. However, if bond anticipation notes are   issued in anticipation of bonds authorized to be issued pursuant to this   section, the provisions of section 23.00 of  this  chapter  shall  apply   with respect to the issuance, maturity and renewal thereof provided that   the  date  of  original  issuance  of  the  capital  note which is being   refunded shall be deemed to be the original date of issue of  such  bond   anticipation  notes  and  provided  further  that such bond anticipation   notes or the renewal thereof shall not extend  beyond  five  years  from   such  original date of issue, and in such case, the first installment of   such bonds may, in the alternative, be made to  mature  not  later  than   five  years from the date of the original issuance of such capital note.   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 sections 33.10, 34.00, 35.00,  36.00,  37.00,  38.00  and   107.00,   relating  to  the  authorization,  form  and  contents,  sale,   execution and issuance of  serial  bonds,  other  than  refunding  bonds   issued  pursuant  to  section  90.00 of this chapter, shall apply to the   authorization, form and contents, sale, execution and issuance  of  such   bonds issued pursuant to this section. The bond resolution shall contain   a  description of the capital note to be refunded and a statement of the   maximum period of probable usefulness of the object or purpose for which   the capital note was issued and which was  in  effect  on  the  date  of   issuance  of  the  note  and that which will be in effect on the date of   issuance of the bonds.e. Capital notes issued by a municipality to provide current funds for   a down payment in connection with the financing of capital  improvements   or  equipment,  required  pursuant  to the provisions of paragraph b, or   subdivision one of paragraph c, of section 107.00 of this chapter, shall   not be refunded.