N.Y. Local Finance Law 38.00 – Referenda on bond resolutions or capital note resolutions; fire districts and other district corporations
§ 38.00 Referenda on bond resolutions or capital note resolutions; fire districts and other district corporations. a. A bond resolution or a capital note resolution adopted by the finance board of a fire district shall not become effective unless it shall have been approved at a regular or special election of such district in the manner provided in § 179 of the town law, as amended from time to time.
Terms Used In N.Y. Local Finance Law 38.00
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
b. 1. If, prior to the effective date of this chapter, in a district corporation other than a fire district, the voting of a special tax or a tax to be collected in installments for an object or purpose, at a regular or special election or meeting, is a condition precedent to the authorization of the issuance of obligations for such object or purpose, a bond resolution or a capital note resolution authorizing the issuance of bonds or capital notes for such object or purpose shall not be adopted by the finance board unless a special tax or a tax to be collected in installments for such object or purpose shall have been voted at such an election or meeting in the manner provided by law.
2. If, prior to the effective date of this chapter, in a district corporation other than a fire district, the approval of a proposition for the expenditure of money for an object or purpose, at a regular or special election or meeting, is a condition precedent to the authorization of the issuance of obligations for such object or purpose, a bond resolution or a capital note resolution authorizing the issuance of bonds or capital notes for such object or purpose shall not be adopted by the finance board unless a proposition for the expenditure of money for such object or purpose shall have been approved at such an election or meeting in the manner provided by law.
3. If, prior to the effective date of this chapter, in a district corporation other than a fire district, the authorization of the issuance of obligations for an object or purpose must be approved at a regular or special election or meeting, a bond resolution or a capital note resolution adopted by the finance board authorizing the issuance of bonds or capital notes for such object or purpose shall not become effective unless it shall have been so approved at such an election or meeting in the manner provided by law.