2023 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.