2023 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, school
district, 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 person
receiving payment)
  $________       __________, 20 __    _____________________
(continue as necessary)
INTEREST PAYMENTS
 
  Amount           Interest to           Received by
  $_______        ___________, 20 __   _____________________
(Signature of person
receiving 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, 2026